Egypt signs $2.3 billion oil, gas deals

Uchenna Izundu
OGJ International Editor

LONDON, Aug. 20 -- Egypt agreed to oil and gas exploration deals worth $2.3 billion covering the Eastern Desert, the Nile Delta, the Gulf of Suez, and northern Sinai.

BP PLC finalized gas prices and commercial terms with the oil ministry for development of gas fields in the East Nile Delta and in the Gulf of Suez and expects to commit $2 billion to bringing them on stream. East Nile Delta covers the Ras El-Barr and Temsah concessions and the Gulf of Suez relates to the extension of two concessions in South Ghara and South Belayim.

BP and its partner, International Egypt Oil Co., a unit of Eni SPA, will spend $1.1 billion on the Ras el Bar concession. Both will spend $900 million for Temsah. The parties have agreed a $200 million deal for South Ghara in the Gulf of Suez, and BP alone has signed a $60 million agreement on South Belayim, also in the Gulf of Suez.

Separately, Tharwa Petroleum cinched a new exploration deal covering 43 sq km of acreage in the Eastern Desert together with Ganoub el-Wadi Petroleum Holding Co. and worth $17.5 million, according to Reuters.

Contact Uchenna Izundu at uchennai@pennwell.com.

Related Articles

Financial questions seen for US shale gas, tight-oil plays

03/25/2014 Financial problems of operators in US shale gas and tight oil plays might hold production growth below current expectations, according to the autho...

BOEM: Firms bid $850 million in high bids in central gulf lease sale

03/24/2014 The US Bureau of Ocean Energy Management reported that its central Gulf of Mexico Lease Sale 231 received 380 bids from 50 companies on 326 blocks,...

Statoil makes gas find on flank of Visund field in North Sea

03/24/2014 Statoil Petroleum AS has made a natural gas discovery on the northeast flank of Visund field in the northern part of the North Sea, the Norwegian P...

CNOOC makes natural gas discovery in Bohai Bay

03/24/2014 CNOOC Ltd. has made what it describes as a “mid-sized” natural gas discovery in the Bozhong 22-1 structure in the south-central region of Bohai Bay.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected