Eni wins three of four blocks in Egypt round

Eni has won three areas in the Mediterranean Sea from Egyptian Natural Gas Holding’s (EGAS) auction.

EGAS awarded four areas in total. Two in the Mediterranean went to Eni alone. Eni will share the third with BP and QatarEnergy (QE).

EGAS awarded the fourth licence to Russia’s Zarubezhneft, in the Nile Delta.

Announcing the results, Egypt’s Ministry of Petroleum and Natural Resources said the companies would invest at least $281 million and drill up to 12 wells.

The ministry also reported a $7.5mn signature bonus for the exploration phases.

Egypt launched the round at the end of 2022. Initially, the deadline was for April 20, but the ministry subsequently pushed this back to July.

The bid round offered 12 blocks in total, with six on- and six offshore.

Egypt launched a new bid round yesterday, backed by Egyptian General Petroleum Corp. (EGPC) and South Valley Egyptian Petroleum Holding Co. (Ganope).