Cairo – Eni was awarded two new offshore exploration licenses in Egypt as part of the EGAS International Bid Round 2015. Eni thus becomes operator of the North El Hammad block with a 37.5% share (in partnership with BP – which also holds a 37.5% share – and Total – 25%), and has acquired a 50% stake in the North Ras El Esh block (in joint venture with BP 50%, which will act as operator). The two blocks, to be operated through the subsidiary IEOC, are located in the shallow waters in offshore Egypt in the Mediterranean, next to the Nile Delta. They are located in the southwest of the El Temsah area and west of the Baltim area, respectively, where Eni already operates fields and production infrastructure. North El Hammad and North Ras El Esh cover 1,389 and 1,927 square kilometers, respectively. The two new awards, which come after the award of the two offshore blocks of Karawan and North Leil, in the deep waters of the Mediterranean, strengthen Eni’s position in Egypt, a country of historical and strategic importance for the Italian company. The acquisition also revives offshore exploration activities in the country, after the recent discoveries of Nidoco West and Zohr. Eni has been present in Egypt since 1954 and is the main producer in the country, with a production in its own share (equity) of approximately 190,000 barrels of oil equivalent per day. (9Colonne)
