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UK major BP is playing a leading role in Egypt’s gas renaissance and this week acquired a 25% stake in the country’s next big potential find, Nour, currently being drilled by Italian firm Eni north of the Sinai Peninsula.
Eni has yet to announce any results from the well, spudded by the Scarabeo-9 drillship in late September. BP paid an undisclosed sum for the stake, as did Abu Dhabi state firm Mubadala which farmed in for 20% on 12 November ( MEES, 16 November ).
Whilst the casual observer may be surprised that a company would agree to farm in without receiving a clear indication of drilling results, a BP Egypt spokesperson claims there is nothing unusual about the deal being struck whilst drilling is underway. “Companies often market [stakes] up until drilling hits its objective,” the spokesperson says, implying that this has not yet occurred. “Eni believes that this is an attractive piece of acreage, similar to Zohr only deeper,” the spokesperson adds. (CONTINUED - 1087 WORDS)
DATA INSIDE THIS ARTICLE
|chart||1: Egypt Gas Output:October Dips To 6.33bn Cfd, 2nd Highest On Record, After September High|
|chart||2: Egypt Gas Output Forecast (Bn CFD): Even With Increased Zohr, Wnd Plateau Output Will Fail To Reach 8bn Cfd In 2020|