SEATTLE (Oil Monster): The Egyptian Ministry of Petroleum and Mineral Resources announced that it has reached an agreement with energy majors Eni and BP towards launch of exploration activities in the Mediterranean Sea. The signatories of the deal are the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), IEOC- a subsidiary of Eni, and BP.
The agreement will allow drilling activities of an exploration well for natural gas in the Lake Temsah area in the basin region from the Mediterranean Sea to the Gulf of Suez. This is part of efforts by the country to advance its natural gas exploration plans and explore additional opportunities for fresh discoveries in the region.
The partnership will leverage the state-of-the-art technologies and advanced capabilities of Eni and BP to unlock new resources in the concession, which already reflects the strong partnership between EGPC, EGAS, and their international partners.
Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources stated that the agreement is a new step toward maximizing production and harnessing promising offshore resources, which in turn will benefit not only the state, but also the entire stakeholders.
The Temsah concession is located offshore in the Mediterranean Sea, near the Nile Delta and includes the Denise, Karawan, and Tuna gas fields.
