BP to invest US$229 million in 3 new exploration blocks in Egypt

BP has been awarded 3 new offshore exploration blocks in Egypt with investments worth of US$229 million. BP will operate shallow water North Ras El-Esh block, with 50% equity, while remaining stake will be held by IEOC, a subsidiary of Italy’s ENI. BP will also operate deep water North El Tabya block, with 100% equity. Moreover, BP will have 37.5% equity in shallow water North El Hammad block, operated by IEOC which will hold also 37.5% equity, while French Total will hold remaining 25%.