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Oil & Gas

BP to invest $229 million with Eni and Total in three offshore blocks

Posted: October 22, 2015 at 3:50 pm   /   by   /   comments (0)

BP_LogoBP Plc said it had been awarded three new offshore exploration blocks in Egypt and that it and its partners had committed to investment of $229 million.

BP said it would have 100 percent equity and operate the North El Tabya block, located in deep waters north of its recent Salamat and Atoll discoveries.

The North Ras El Esh Block, located in shallow waters to the east of the Notus discovery, will be operated by BP, with 50 percent equity. The remaining stake will be held by a subsidiary of Italy’s ENI SpA, IEOC.

BP will have 37.5 percent equity in the third block, North El Hammad, which will be operated by IEOC. The Italian company will hold 37.5 percent equity in this block, located in shallow water to the west of Baltim field, while Total SA will hold 25 percent.

(Source: Reuters)