Total Enters Operated Exploration Permit in Egypt
An international consortium led by Total (NYSE: TOT) and the Egyptian Natural Gas Holding company (EGAS) have signed an exploration and production agreement for the North Ras Kanayis Offshore block located in the Herodotus basin offshore Egypt, Total has revealed.
The exploration block covers an area of 1,756 square miles, extending three to 93 miles from the shore, with water depths ranging from 164 feet to 10,498 feet. The agreement includes a 3D seismic campaign during the first three years, according to Total, which noted that the Herodotus basin is an underexplored area.
‘‘Total is pleased to further strengthen its Eastern Mediterranean position as an operator of this exploration and production agreement,” Kevin McLachlan, Total’s senior vice president of exploration, said in a company statement.
“We are excited by the exploration potential of the North Ras Kanayis Offshore block. It reinforces our presence in Egypt, following a gas discovery made in July 2020 with the Bashrush well on the North El Hammad license, to be developed through a tie-in to nearby existing infrastructure,” he added.
Total holds a 35 percent operated interest in the international consortium, with Shell holding a 30 percent stake. KUFPEC holds a 25 percent stake and Tharwa holding holds the remaining ten percent interest.
According to its website, Total first began operating in Egypt back in 1998. Total’s activities in Egypt mostly involve marketing petroleum products and related services, however, in the last few years the company has also branched out into exploration and petroleum product refining, Total’s website shows.
On July 28, Total announced that it, BP and Eni made a gas discovery with the Bashrush well on the North El Hammad license. A production test was conducted with flow rates of up to 32 million standard cubic feet of gas per day, limited by testing facilities, Total revealed.
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