BP Egypt gains two new oil concessions
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.
The first concession is the East Warda Block with an area of about 545 square kilometers, 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 seven million dollars 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 square kilometers 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 1,500 square kilometers for an estimated cost of eight million dollars. During the two extension periods of four years each, BP is committed to spend $50 million on exploration activities. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
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