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Eni Signs Concession Agreements for Two New Exploration Blocks

Source: www.gulfoilandgas.com 12/27/2016, Location: Egypt

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

Eni is the operator of the North El Hammad block with an equity of 37.5% in participation with BP, who has a 37.5% stake, and with Total, who has 25% a stake. 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.

Moreover, Eni has a 50% participation stake in the North Ras El Esh block, operated by BP with an equity of 50%. 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). 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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