Egypt inks oil and gas deals worth $220M

Egypt has signed three new oil and gas exploration and production deals worth around $220 million. 

These deals were signed with the UK oil giant BP, French oil company Total, and the Egyptian subsidiary of the Italian oil company Eni.

The country’s energy ministry said the deals include drilling of six wells.

Eni was awarded the operatorship of the North El Hammad block with 37.5% interest, with BP and Total as its partners with 37.5% and 25% stake, respectively. According to the country’s energy ministry, this deal is worth $80 million.

Further, a consortium of BP and Eni’s Egyptian subsidiary, IEOC, signed a deal worth $75 million. Eni and BP will jointly participate in the North Ras El Esh block, operated by BP, with 50% interest, each.

In addition, BP alone inked a deal worth $65 million.

Offshore Energy Today Staff

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