22nd Oct 2015 06:03
LONDON (Alliance News) - BP PLC on Wednesday said it will invest USD229.0 million with its partners on three new exploration blocks that it has been awarded in Egypt.
The FTSE 100-listed oil company was awarded the three blocks through the 2015 Egyptian Natural Gas Holding Co bid round, and the USD229.0 million will be invested over those three blocks "over different phases," it said in a statement.
"Continuing to play a key role in the development of Egypt?s energy sector, BP will deploy its expertise and latest technologies to exploit the resources in these new blocks. This investment confirms our commitment to meet Egypt?s energy needs," said Hesham Mekawi, president of BP North Africa.
BP will wholly-own the North El Tabya block, which lies north of BP's recent discoveries, Salamat and Atoll. BP will hold a 50% stake and operate the North Ras El Esh field with a subsidiary of Italian firm ENI, and BP will hold a 37.5% stake in the North El Hammad block with that same ENI subsidiary and French giant Total SA.
BP, through its joint venture company with the Egyptian state-owned oil company, has produced around 40% of all oil production to ever have come out of Egypt and currently produces around 10% of Egypt's annual condensate and oil. It also produces around 30% of the country's gas through another joint venture.
By Joshua Warner; [email protected]; @JoshAlliance
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