Shell, Eni and Exxon win energy concessions in Egypt

Google+ Pinterest LinkedIn Tumblr +

Reuters reports that Royal Dutch Shell, Eni, BP and Exxon Mobil were among the winners in one of Egypt’s largest ever oil and gas exploration tenders.

The North African country, which organised an annual petroleum show to promote itself as a hub for gas production and trading in the Eastern Mediterranean, is looking to sustain an investment upswing spurred by major discoveries.

The awards marked Exxon Mobil’s entry into gas exploration in Egypt, while Shell was handed the most concessions, three for oil and two for gas.

Petroleum Minister Tarek El Molla said Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the total of 12 concessions announced. The Egyptian Natural Gas Holding Corporation’s bid round, which was the largest in its history, included border areas in the Mediterranean Sea, as well as land areas in the Nile Delta.

Egypt’s petroleum minister noted that five gas exploration concessions were awarded – in which 20 wells will be drilled – to Shell, Exxon, Petronas, BP, DEA and Eni.

Egyptian General Petroleum Corporation’s (EGPC) tender meanwhile included areas in the Western Desert, the Nile Valley, the Gulf of Suez and the Eastern Desert.

Molla also revealed that Neptune Energy, Merlon, Shell, Eni and state-controlled EGPC were awarded seven oil exploration concessions in total in which 39 wells will be drilled.

Share.

About Author

Leave A Reply