British Petroleum (BP) has been awarded by Egypt an offshore exploration block in the Eastern Mediterranean following its successful participation with partner Eni in the ‘Egypt International Bid Round for Petroleum Exploration and Exploitation’ that was organised by the Egyptian Natural Gas Holding Company (EGAS) in 2021.
The EGY-MED-E5 block, in which each of BP and Eni hold a 50% interest, is located in the Mediterranean Sea, approximately 130 km northeast of Port Said. The block covers an area of approximately 3,200 sqm, with water depths ranging between 500 and 1,200 metres. It is located within the Deep Levant Basin, which offers the potential for material gas discoveries that could be developed through existing infrastructure.
Karim Alaa, BP’s Regional President of North Africa said that “this new award underpins BP’s ongoing commitment to securing resilient and focused hydrocarbons for Egypt’s growing domestic gas market through leveraging promising exploration opportunities close to our existing infrastructure.”
BP is a major player operating in the Mediterranean basin, with a long-standing, strong, and successful partnership with the Egyptian Ministry of Petroleum and Mineral Resources spanning almost 60 years — in which $35bn have been invested — and has been a consistently active player in the Egyptian energy industry.
