Oil & Gas

BP wins two more blocks off Egypt

Egypt has awarded two exploration blocks in the Mediterranean Sea to BP, close to its existing assets.

BP took an 82.75% stake in the Northwest Abu Qir Offshore Area, while Wintershall Dea holds the remaining 17.25%. This is west of the North King Mariout block, in which BP has 100%, and north of the company’s Raven field. BP won the North King Mariout area earlier this year.

The new licence covers 1,038 square km, with water depths ranging from 600 metres to 1,600.

BP also took a 50% stake in the Bellatrix-Seti East licence. Eni has the other 50% and is operator. This licence is west of the Atoll field and North Tabya blocks.

The area covers 3,440 square km, with water depths of 100 metres to 1,200 metres.

“Egypt has long been important for BP with almost 60 years of successful partnership and more than $35 billion invested,” said Anja-Isabel Dotzenrath, the company’s executive vice president for gas & low carbon energy.

“We now look forward to an even more successful future, continuing to help meet Egypt’s growing energy needs by providing cost-competitive supplies of gas and supporting Egypt through the energy transition by exploring growth opportunities in hydrogen for example.”

BP’s regional president Karim Alaa said the company had been awarded four new exploration blocks in 2022, and a block extension. These “offer the potential for gas discoveries that could be developed using existing infrastructure. Acquiring this acreage is part of our strategy to maintain a longer-term plateau production rate.”

The company also won the North El Fayrouz area this year, shared 50:50 with Eni. The licence extension covers the North El Tabya area, in which BP has 100%.

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