EGPC signs USD 46 mn oil and gas exploration agreement with BP - ENTERPRISE

Tuesday, 31 July 2018

The Egyptian General Petroleum Corporation (EGPC) signed a USD 46 mn agreement with BP yesterday for oil and gas exploration the in Gulf of Suez, according to a statement picked up by Ahram Gate. 

The agreement also includes a USD 4 mn to cover the cost of drilling three wells. The Oil Ministry said it is currently finalizing procedures for 13 other agreements that will be announced soon. 

The new agreement comes as the government steps up exploration activities in FY2018-19 as Egypt marches toward natural gas self-sufficiency and bids to become a regional energy export hub.

Edison looking for a partner to drill at North East Hapi concession - ENTERPRISE / AL SHOROUK

Monday, 12 June 2017

Italy’s Edison is looking for a partner to begin drilling the first deepwater well at its North East Hapi concession. 

Drilling costs could surpass USD 100 mn, an unnamed EGAS source tells Al Shorouk. 

Edison had signed an USD 86 mn agreement with EGAS in January for E&P operations and drilling two new wells in the concession.

Decision to Carry Out Drilling of Leviathan-5 - DELEK GROUP

Tel Aviv, December 18, 2016

Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) provides below an Immediate Report just submitted by each of Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership ("the Partnerships") concerning the decision of the Leviathan Partners, including the Partnerships, to carry out an appraisal and production well at Leviathan-5 in the area of the Leviathan North I/15 lease.Economic working interest of the Company in the drilling budget: 25.65%. Economic working interest of the Company in future revenues from the well: before return of investment - 22.28%; after return of investment - 22.95%, taking royalties into account.

Pursuant to what was stated in the Partnerships' Annual Reports dated December 31, 2015 that were published on March 28, 2016 ("Annual Reports"), concerning the scheduled work plan for the Leviathan Project located in the area of Leviathan I/14 and Leviathan North I/15 leases ("the Leviathan Project" or "Leviathan Field" and "Leviathan Leases" respectively), announces that on December 15, 2016 the Leviathan Partners took a decision in respect of carrying out an appraisal and production well at Leviathan-5 in the area of the Leviathan North Lease I/15 ("Leviathan-5 Well" or "the Well").
Additional details follow concerning the Well: