Egypt awards offshore blocks

Offshore staff

DUBLIN, Ireland – Petroceltic and partner Edison International have won an offshore block under Egypt’s 2012 international bid round.

North Thekah (block 7) is offshore the Nile Delta and may contain an extension of the Levantine basin exploration play that has delivered several giant discoveries in the region, according to Petroceltic, which has a 50% non-operated interest in the concession for an initial three-year term, extendable up to eight years.

The firm work program in the initial period comprises acquisition of 1,500 sq km (579 sq mi) of 3D seismic data.

Egyptian Natural Gas Holding Co., which staged the round, will likely issue a formal award in late 2013 following ratification and finalization of the production-sharing contracts.

Other Egyptian offshore blocks reportedly awarded in the deepwater Nile Delta basin went to Total/Enel – block 4, East El Burullus; Shell/BP/Petronas – block 3, North Damietta Offshore; BP – block 2, North Tineh Offshore; and BG – block 1, North Gamasa Offshore. Wells have been drilled previously on all four blocks, with more planned by the new concession holders.

4/19/2013

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