The President of PTTEP, Mr. Maroot Mrigadat, remarked that this success enables PTTEP to have the first investment in Egypt and it is another major step for PTTEP in expanding its investment in the North Africa region.
EGAS notified the consortia's partners in late November that the consortia were accepted in principle as the winners of Block 2 and Block 8 in Egypt subject to completion of necessary procedures and competent authorities' approvals. The Concession Agreement of each block will be signed after obtaining necessary approvals and the issuance of the Law of Concession Agreement by the Egyptian Government.
Block 2 (Rommana Block) covers an area of 6,184 square kilometers. It is situated onshore in Sinai in the northeastern part of Egypt. Sipetrol International S.A. as the operator, PTTEP, and Centrica Energy will hold the participation interests of 40%, 30% and 30%, respectively. The minimum work commitment includes 2-D & 3-D seismic surveys and exploration well drilling in the first 3 years.
Block 8 (Sidi Abd El Rahman Offshore Block) covers an area of 4,294 square kilometers. It is situated in the Mediterranean Sea, northwest of Egypt. Edison International SpA as the operator, PTTEP, and Sipetrol International S.A. will hold the participation interest of 40%, 30%, and 30%, respectively. The minimum work commitment includes 3-D seismic survey and exploration well drilling in the first 3 years.
"PTTEP is very delighted in winning the bids in Egypt. It is not only reinforcing our establishment in North Africa in addition to our investment in Algeria, but it also expanding our investment in the strategically focus country. PTTEP is also very pleased to have a chance to work with the esteemed companies from Chile, Italy, and the United Kingdom who have extensive experiences in Egypt and strong expertise in oil & gas exploration and production.", said Mr. Maroot.
Egypt is a country with high petroleum potential. It's proved oil reserves are 3.7 billion barrels and proved natural gas reserves are 68 trillion cubic feet. The current production is approximately 700,000 barrel per day of oil & condensate plus 5,900 million cubic feet per day of natural gas.
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