An international consortium led by French oil giant Total and the Egyptian Natural Gas Holding company (EGAS) signed an offshore exploration and production agreement in Egypt, Total said in a statement on Monday.
The exploration block, located in the Herodotus Basin, covers an area of 4,550 square kilometers, and extends from 5 to 150 km from the shore at water depths ranging from 50 to 3,200 meters, the company said.
The consortium, which also includes Shell, Kuwait oil company KUFPEC and Egyptian oil firm Tharwa, will carry out a 3D seismic campaign during the first three years.
'We are excited by the exploration potential of the North Ras Kanayis Offshore block. It reinforces our presence in Egypt, following a gas discovery made in July 2020 with the Bashrush well on the North El Hammad license, to be developed through a tie-in to nearby existing infrastructure,' Kevin McLachlan, senior vice president of exploration at Total, was quoted as saying in the statement.
Total holds a 25% working interest in the North El Hammad license, alongside operator ENI with 37.5% and BP with 37.5%.
By Sibel Morrow