Exploration and production company Neptune Energy has acquired an offshore license in the Gulf of Suez, Egypt, committing to carry out seismic surveys and to drill an exploration well during the first phase of the license.
Neptune said that the signing of the operated exploration license for the North West El Amal ƶijϻ Concession marked the company’s commitment to growing its presence in North Africa. The agreement was signed with the Egyptian General Petroleum Corporation (EGPC) at the Egypt Petroleum Show.
Neptune will acquire 100 km2 of 3D seismic data and drill one exploration well in the first phase, with two further wells planned in phase two.
The North West El Amal ƶijϻ concession covers 365 km2 and is located in the central part of the Gulf of Suez, approximately 42 km south of Ras Gharib and 105 km north of Hurghada.
The signing ceremony was attended by Minister of Petroleum and Mineral Resources, Tarek El Molla, CEO of EGPC, Abed Ezz El Regal; Neptune Energy’s CEO Jim House, VP North Africa & Asia Pacific Philip Lafeber and Egypt Managing Director Gamal Kassem.
Elsewhere in Egypt, Neptune owns a share in the mature Eni-operated Ashrafi offshore field in the southwestern part of the Gulf of Suez. The block covers an area of 124 km², with a reservoir depth ranging between 1,500 and 2,000 meters.