DUBLIN, Ireland – Petroceltic International and Edison International have secured the offshore North Port Fouad block under the Egyptian Natural Gas Holding Co. 2013 International Bid Round.
North Port Fouad (block 7), is in the Nile Delta north of the North Thekah block, which the same partners won last year. Combined area of the two licenses exceeds 7,000 sq km (2,703 sq mi).
No wells have been drilled on North Port Fouad; however, regional and seismic evidence indicates that the proven Nile Delta Oligocene and Levantine basin Miocene plays are both likely to be present, said Petroceltic.
The license carries an initial three-year term, extendable to a maximum of eight years. The initial firm work commitment comprises acquisition of 1,000 sq km (386 sq mi) of 3D seismic data, with no well obligation.
Petroceltic expects a formal award early next year following ratification and finalization of the production-sharing contract.