BP Secures Offshore Exploration Block in Egypt

BP, the multinational oil and gas company, publicly announced its acquisition of an offshore exploration block in Egypt through the 2022 International Bid Round conducted by the Egyptian Natural Gas Holding Company (EGAS). The exploration block titled EGY-MED-E8 (East Port Said) is positioned in the Mediterranean Sea, approximately 50-90 km away from Port Said city. The joint ownership of the block is divided between major stakeholders such as BP with a 33% stake, Qatar Energy with another 33%, and Eni, the block operator, owning the remaining 34%. The area of block spans about 2620 square kilometres with water depths reaching up to 700 meters. For the initial exploration period, the work program comprises of drilling one exploration well and reprocessing of existing seismic data. Nader Zaki, BP's Regional President for Middle East and North Africa, mentioned that this bid win signifies BP's dedication towards discovering more resilient hydrocarbon resources to cater to Egypt's escalating energy demands. He added that the company is strategically utilizing exploration opportunities in proximity to existing infrastructure.