Ratio oil, a privately-owned Tel-Aviv based firm, is hoping to become the first Israeli company to hold stakes in Egypt’s upstream, MEES learns.

The move is part of a deal Ratio has struck with Edison, the Italian subsidiary of French utility EdF. This will see Edison remain as operator in Israel’s Royee license, whilst Ratio, Edison’s partner at Royee take stakes in Edison’s two adjoining blocks in the Egyptian deepwater: North East Hapy and North Thekah (see map). (CONTINUED - 1505 WORDS)