BP Egypt, partners to invest $240 million in Egyptian blocks

BP Egypt and its partners have committed to investing $240 million in two exploration blocks awarded by Egyptian Natural Gas Holding Co. (Egas) in its 2013 bid round.

Block 3, North El Mataria, which marks BP’s entry into the onshore Nile Delta, lies in the northeastern section of the Nile Delta cone, 57 km west of Port Said. BP will operate the block with 50% equity and Dana Gas of Abu Dhabi will hold the remainder.

BP holds 50% interest in the Denise-Karawan (Deka) natural gas development offshore the Nile Delta, which started production in August.

Block 8, Karawan Offshore, lies in the Mediterranean Sea on the northeastern part of Egypt’s economic waters. The block is 220 km northeast and 170 km the northwest of Alexandria and Port Said, respectively. BP will have 50% equity and the block will be operated by Eni SPA, which holds the remainder.