Eni signs new concession deals in Egypt

Eni signs new concession deals in Egypt

Dec 28, 2016
2 min read
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Eni has signed two new concession agreements for the North El Hammad and North Ras El Esh, located in the shallow waters in Egyptian Mediterranean Sea.

The new concessions came as part of the EGAS 2015 international bid round and strengthen Eni’s portfolio and positioning in Egypt.

The block, which covers an area of 1,927 km2, is located to the west of the Abu Madi West and Baltim-Baltim South development areas, where Eni recently made the significant discoveries of Nooros, in production since August 2015 and Baltim South West.

Eni will be the operator of the North El Hammad block with an equity of 37.5 per cent in participation with BP, who has a 37.5 per cent stake, and with Total, who has 25 per cent a stake. Eni will also has a 50 per cent participation stake in the North Ras El Esh block, operated by BP with an equity of 50 per cent. The block, which covers an area of 1,389 km2, is located southwest of the development areas of Temsah and Port Fouad.

The two new concession agreements follow the recently awarded blocks of Southwest Meleiha (in the Western Desert), Shorouk, Karawan and North Leil (in the deep water of the Egyptian Mediterranean).