BP Plc announced on Monday that it has won two exploration blocks in the Mediterranean Sea offshore Egypt, close to its existing assets.
The London-based oil major took an 82.75 percent stake in the Northwest Abu Qir Offshore Area, while Wintershall Dea holds the remaining 17.25 percent. This is west of the North King Mariout block, where BP has 100 percent, and north of the company’s Raven field.
Earlier this year, BP won the North King Mariout area.
The new licence covers 1,038 square km, with water depths ranging betwee 600 metres and 1,600 metres.
BP also took a 50 percent stake in the Bellatrix-Seti East licence, while Eni has the other 50 percent and is operator. This licence lies west of the Atoll field and North Tabya blocks.
Northwest Abu Qir Offshore Area (BP photo)
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,” Anja-Isabel Dotzenrath, the company’s executive vice president for gas and low carbon energy, said in a statement.
“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.” Dotzenrath added.
Karim Alaa, BP’s regional president, 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.” Alaa stated.
BP 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 owns 100 percent.
