Egypt has awarded BP and Eni a gas exploration concession in the eastern Mediterranean, BP’s North Africa manager Karim Alaa announced on Monday.
Each company will have a 5 percent stake in the 3,200 square kilometres (1,236 square miles) concession located off Port Said, added Alaa.
Karim Alaa, BP’s North Africa manager (BP photo)
“I am pleased to kick off 2022 with the great news that bp has been awarded an exploration block in the Eastern Mediterranean offshore Egypt. The EGY-MED-E5 block – in which bp and Eni, the operator, each hold a 50 percent interest – reflects and reaffirms our commitment to invest in developing and finding new gas supplies for Egypt.” Alaa said in a statement.
“We’ve invested billions of dollars in building facilities and infrastructure over the years and this acreage ties in well with our resilient and focused gas strategy which aims to pursue development opportunities in proximity to our existing infrastructure, or to the infrastructure of our partners, which is likely to take less time and cost less to bring it online.”
