BP invests in two exploration blocks in Egypt

BP

BP Egypt has been awarded two new exploration blocks as a result of the 2013 EGAS bid round. BP and its partners have committed to invest a total of $240 million in the blocks over different phases.

Block 3–North El Mataria is BP’s first entry into the onshore Nile Delta. The block is located in the northeastern part of the Nile Delta cone, 57 kilometers to the west of Port Said. BP will operate the block with 50% equity, and Dana Gas of Abu Dhabi will hold the remaining 50% working interest.

Block 8–Karawan Offshore is located in the Mediterranean Sea, in the northeastern part of Egypt’s economic waters. The block lies at 220 kilometers to the northeast and 170 kilometers to the northwest of Alexandria and Port Said, respectively. BP will have 50% equity, and the block will be operated by Eni, which holds the remaining 50%. 

The program will include 3D seismic and three exploration wells in each of the onshore and offshore blocks in phases over 6–8 years.

 

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