- Egypt has awarded British multinational oil and gas company Bp and Eni, Italian multinational oil and gas company gas exploration concession in the eastern Mediterranean offshore Egypt.
- According to the statement by BP’s North Africa manager Karim Alaa, each company will have a 5 percent stake in the 3,200 square kilometres (1,236 square miles) concession located off Port Said.
Egypt has awarded British multinational oil and gas company Bp and Eni, Italian multinational oil and gas company gas exploration concession in the eastern Mediterranean offshore Egypt. According to the statement by BP’s North Africa manager Karim Alaa, each company will have a 5 percent stake in the 3,200 square kilometres (1,236 square miles) concession located off Port Said.
Alaa said that the EGY-MED-E5 block –reflected the commitment of BP to invest in developing and finding new gas supplies for Egypt. The company he said has invested billions of dollars in building facilities and infrastructure over the years. The partnership augurs well with its resilient and focused gas strategy. The objective of BP he said was to pursue development opportunities in proximity to its existing infrastructure, or to the infrastructure of its partners, due to saving in cost and time.
