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BP Egypt Awarded Two New Concessions

Source: www.oilegypt.com 6/4/2005, Location: Africa

BP Egypt announced today it has been awarded two new shallow water Nile Delta concessions: the Burullus and North El Burg blocks. The Burullus offshore and North El Burg offshore blocks lie in water depths of less than 100 metres, and complement existing deepwater acreage to provide BP with a leading position across the Nile Delta.

Burullus offshore has an area of about 1,309 square kilometres and lies west of the producing Ha’py field. During the initial three year exploration period BP Egypt is committed to drill at least one well and to spend a minimum of $40 million.

North El Burg has an area of 1,250 square kilometres and lies in the central part of the Nile Delta. BP Egypt is committed to drill no less than one well and to spend a minimum of $23 million on exploration activities during the first 3 years of the concession.

Speaking at the time of signing with Minister of Petroleum HE Eng. Sameh Fahmy, BP Egypt President and General Manager Hesham Mekawi said: "This new acreage, together with existing discoveries including the recent Raven gas discovery in the Mediterranean Sea, will underpin the long-term growth of our gas business."

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