Egypt awards gas exploration rights to BP

Egypt has awarded BP gas exploring rights in the offshore King Mariout concession in the western Mediterranean, the British-based company said in a statement today, Reuters reported.

The concession area, located in the western Nile Delta, covers around 2,600 square kilometres at a depth of between 500 and 2,000 metres.

BP owns 100 per cent of the exploration rights in the area, which enhances the chances of developing future gas discoveries by utilising the existing infrastructure, the statement added.

Several foreign companies are working in the fields of oil and gas exploration and production activities in Egypt, including the Dutch Shell, the Italian Eni and the American Chevron Corporation.

Italian Eni’s discovery of the Zohr field in 2015, which contains nearly 30 trillion cubic feet of gas, has encouraged Egypt to launch new exploration bids.

The petroleum sector contributes about 27 per cent of Egypt’s national income.

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