BP
Egypt gains two new concessions
Posted: 26 March 2004
BP Egypt has been awarded exploration rights in the East Warda
Block located in the offshore Gulf of Suez and Blocks 12 and 13
in the Northern Red Sea.
H.E. Eng. Sameh Fahmy, Minister of Petroleum and Eng. Hesham Mekawi,
BP Egypt President and General Manager, signed the two agreements.
The first concession is the East Warda Block with an area of about
545 square kilometres (sq. km), lying north of the giant October
field and close to existing infrastructure.
During the initial three years period of the concession, BP Egypt
is committed to acquiring a 3D seismic survey and drilling at least
one well and to spend a minimum of $7 million during the initial
exploration period with the potential to drill two more wells and
spend an additional $10 million during the extension periods.
The second concession is Blocks 12 and 13 with total area of 12500
sq. km in the north part of the Red Sea area. The initial period
of the concession is three years in which BP Egypt will conduct
a high-resolution aeromagnetic survey over the whole concession
area and spend one million dollars.
In addition BP will conduct a 3D seismic survey of about 1500 sq.
km for an estimated cost of $8 million. During the two extension
periods of 4 years each, BP is committed to spend $50 million on
Exploration activities.
Hesham Mekawi stated: "BP Egypt's history (through its affiliated
companies) of exploration and development in the Gulf of Suez, Nile
Delta and the Western Desert are a track record that proves our
ongoing commitment to Egypt.
Our extensive experience with Egyptian petroleum provinces and
experienced staff will be essential to accessing new reserves in
frontier basins such as the northern Red Sea."
For more information see www.bp.com
Posted by Richard Price,
Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
