BP Egypt invests $240mn in two new exploration blocks.

BP Egypt has been awarded two new exploration blocks as a result of the 2013 EGAS bid round. BP and its partners have committed to invest a total of USD 240 million in the blocks over different phases.

Block 3 – North El Mataria is BP's first entry into the Onshore Nile Delta. The block is located in the northeastern part of the Nile Delta cone, approximately 57 kilometers to the west of Port Said city. BP will operate the block with 50 percent equity and Dana Gas will hold the remaining 50 percent working interest.

Block 8 - Karawan Offshore is located in the Mediterranean Sea, in the northeastern part of Egypt's economic waters. The block lies at approximately 220 kilometers to the northeast and 170 kilometers to the northwest of Alexandria and Port Said cities respectively. BP will have 50 percent equity and the block will be operated by ENI which holds the remaining 50 percent.

The program will include 3D seismic and three exploration wells in each of the onshore and offshore blocks in phases over six to eight years.

BP is one of the largest foreign investors in Egypt. To date, BP Egypt, in collaboration with the Gulf of Suez Petroleum Company (GUPCO), BP’s joint venture (JV) Company with the Egyptian General Petroleum Company (EGPC), has produced almost 40 percent of Egypt's entire oil production, and currently produces almost 10 percent of Egypt’s annual oil and condensate production.



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