BP and its partners plan to invest $240m in two exploration blocks that were awarded in the 2013 Egyptian Natural Gas Holding (EGAS) round.
The first block, the North El Mataria, is BP’s first entry into the Onshore Nile Delta.
It is situated in the north eastern part of the Nile Delta cone, 57km west of Port Said city.
BP will operate the block with 50% working interest and Dana Gas of Abu Dhabi will hold the remaining stake.
The second block, Karawan Offshore, is located in the Mediterranean Sea in the northeastern part of Egypt’s waters.
BP will also have a 50% working interest in the second block with the other 50% held by operator, ENI.
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By GlobalDataThe programme will feature 3D seismic and three exploration wells in each of the onshore and offshore blocks in phases between six to eight years.
BP North Africa regional president Hesham Mekawi said: "BP is proud of the successful partnership it has had with Egypt for 50 years. We look forward to continuing to play a key role in the development of Egypt’s energy sector and maximising the use of our existing resources.
"Our expertise and latest technologies will be deployed for mutual benefit in these new blocks which we believe have gas-bearing characteristics. Exploring the two blocks will require substantial investments to unlock their potential, and will be done as part of our commitment to meeting Egypt’s energy needs."
BP Egypt and its partners have to date produced about 40% of the country’s total oil production.
They currently produce around 10% of Egypt’s annual oil and condensate production.
