Egypt has signed three new oil and gas exploration and production deals worth around $220 million.
These deals were signed with the UK oil giant BP, French oil company Total, and the Egyptian subsidiary of the Italian oil company Eni .
The country’s energy ministry said the deals include drilling of six wells.
Eni was awarded the operatorship of the North El Hammad block with 37.5% interest, with BP and Total as its partners with 37.5% and 25% stake, respectively. According to the country’s energy ministry, this deal is worth $80 million.
Further, a consortium of BP and Eni’s Egyptian subsidiary, IEOC, signed a deal worth $75 million. Eni and BP will jointly participate in the North Ras El Esh block, operated by BP, with 50% interest, each.
In addition, BP alone inked a deal worth $65 million.
Offshore Energy Today Staff