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Eni signs takes on two new exploration blocks in the Egyptian Mediterranean

24th January 2017

Eni has signed two new concession agreements for the North El Hammad and North Ras El Esh, located in the shallow waters in the Egyptian Mediterranean Sea, because of the EGAS 2015 international bid round.

North El Hammad block
North El Hammad block

Eni is 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 a 25 per cent stake. The block, which covers an area of 1,927km2, 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.

 In addition, Eni 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 1,389km2, 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). They strengthen Eni’s portfolio and positioning in Egypt, a country of historic and strategic importance, and further confirm the company’s commitment to pursue new exploration after the recent and important successes of Nooros, Zohr and Baltim South West, made in 2015 and in 2016.

Eni has been present in Egypt since 1954, operating through its subsidiary IEOC. The company is the main producer in the country with an equity of approximately 224,000 barrels of oil equivalent per day at year-end 2016.

 

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