BP Wins Exploration Licenses Offshore Egypt

BP Egypt has been awarded exploration rights in several new areas offshore Egypt in the Gulf of Suez and the northern Red Sea.

In Gulf of Suez the concessions are in East el Morgan block 2, North Ghara block 4 and East Warda block 35, while the North Red Sea concession covers blocks 12 and 13. "As part of our growth agenda in Egypt and our efforts to increase oil production, BP continues to look for potential opportunities by acquiring new acreage. The North Red Sea area ... is particularly exciting as it is a frontier area," BP Egypt President Hesham Mekawi said.

In addition to continuing investments in the development of current concessions, BP Egypt said it planned to drill three exploratory wells in the Gulf of Suez in 2003.