Cepsa Expands Exploration Activities to Egypt
CEPSA, in association with IEOC, has been awarded an exploration license after taking part in a bid-round organized by the state-owned oil company, Egyptian General Petroleum Corporation (EGPC), in May 2004. This permit, for a block known as North Bahrein, is located in the Western Desert basin in the northwestern part of the country and covers an area measuring 4,297 square kilometers. CEPSA with have a 25% interest and IEOC, affiliate of ENI will have the remaining 75% stake and will be operator.
The exploration license, with an Initial Exploration Period of three years, will involve conducting a 3D seismic survey and drilling one well.
The definitive award of the contract to the Eni/CEPSA joint venture is subject to initialing of the final version of the Concession Agreement with EGPC and final ratification by the Egyptian Parliament, as is the usual procedure in these cases.
Additionally, CEPSA has acquired a 20% interest in an exploration license for an offshore block known as South Feiran, in the Gulf of Suez, with IEOC being the operator. A seismic survey is scheduled to be performed throughout 2005.
CEPSA's efforts to expand its oil & gas upstream operations represent a further step forward in the company's strategy of diversifying its businesses, with the target of achieving a more equitable balance in earnings contributions from its different segments.
Operates 12 Offshore Rigs
- Eni Looks To Strengthen Ties With Rosneft, Maybe In LNG (Oct 19)
- Eni Bets Big on Zohr Explorer Finding New Treasure (Oct 06)
- Eni Inks Cooperation Deal With China's CNPC (Sep 13)
Company: CEPSA more info
- Total, Shell, Eni Eligible to Bid for New Iran Oil, Gas Projects (Jan 03)
- Algeria Oil And Gas Output On The Rise (Jun 26)
- CEPSA Commences Drilling at Tarach-1 in Kenya Block 11A (Apr 15)