INA inks concession deal with Egypt for exploration in Western Desert

NEWS 15.02.202311:14 0 komentara

INA, Croatia's leading oil and gas company, stated on Tuesday that it had signed a concession contract for East Bir El Nus Area located in the Egyptian Western Desert with Egypt, the Egyptian General Petroleum Corporation (EGPC) and Energean, as operator.

“INA has signed a Concession Agreement for East Bir El Nus Area (Block WD-8, located in Egypt’s Western Desert) with the Arab Republic of Egypt, the Egyptian General Petroleum Corporation (EGPC) and Energean, as operator,” the company says in a press release.

“With this INA enters a new concession as 50 % working interest partner, while the remaining 50 % is held by Energean.”

“This is the end of the process of entering the new concession, which began in March 2022, and which enables INA and Energean to start exploration,” reads the press release recalling that the initial exploration period lasts three and half years, and in the case of commercial discovery contract provides production license for 20 years.

INA has been present in Egypt since 1989 and most of its activities are concentrated in the Western Desert where it is has shares in three production concessions: North Bahariya, Ras Qattara and West Abu Gharadig.

INA has a share in the East Damanhour exploration block, located to the west of the Disouq gas project onshore Nile Delta. In January this year, significant amounts of gas in that area were found.

Over the past few years INA has increased its investments in already existing portfolios in Egypt.

INA and Energean are already partners in the production of gas at the offshore Izabela field in the northern Adriatic area.

Energean, a company established in 2007,  is a London Premium Listed FTSE 250 and Tel Aviv Listed E&P company with operations in eight countries across the Mediterranean and UK North Sea.

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