BP has won gas exploring rights in Egypt's offshore King Mariout concession in the western Mediterranean, the British-based company said in a statement on Tuesday.
This comes following its successful participation in 2021’s limited bid round organized by the Egyptian Natural Gas Holding Company.
The concession area is located approximately 20 kilometers west of the Raven field in the Mediterranean Sea within western Nile Delta area. It offers potential for material gas discoveries that could be developed using existing infrastructure.
The area covers around 2,600 square km at a depth of between 500 and 2,000 meters.
BP owns 100% of the exploration rights area there, which enhances the chances of developing future gas discoveries by utilizing the existing infrastructure, the statement added.
It quoted BP’s North Africa Regional President Karim Alaa as saying that the new award, following EGY-MED-E5 block award in early 2022 to an equally owned partnership between BP and Eni, will leverage existing infrastructure to continue delivering hydrocarbons for Egypt’s growing gas market.
BP has been active player in the Egyptian energy industry since 60 years investing more than $35 billion.