Edison completes Egyptian deepwater license purchase

Offshore staff

DUBLIN, IrelandPetroceltic International has completed the sale of its interests in exploration licenses offshore and onshore Egypt to joint venture partner Edison International.

Late last year Petroceltic reached an agreement for the transfers in the deepwater North Thekah and North Port Fouad concessions in the Mediterranean Sea and South Idku (onshore) to Edison for $9.5 million, after working capital adjustments of around $5.8 million.

Following Egyptian government approvals and the waiver of pre-emption rights held by the Egyptian Natural Gas Holding Co., the transaction has gone through.

02/18/2016

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