Egypt awards four offshore exploration licences

offshoregas KenDoerr flickrThe Zohr gas field is now being considered as one of the largest natural gas fields in the world, and could help Egypt come out of debt. (Image source: Ken Doerr/Flickr)Egypt has awarded four new offshore oil and gas exploration licences off the Mediterranean coast, said the country’s EGAS

According to the state-run company, one licence has been awared to BP and one to Italy’s Edison. A consortium involving BP and Eni’s Egyptian subsidiary has been awarded one block, and the fourth one has been given to a consortium comprising Eni, BP and Total.

EGAS head Khaled Abdel Badie added that the country was planning to launch a new bidding round for offshore gas exploration in the Mediterranean, in the first half of 2016.

Egypt’s ambitious exploration plans follow a massive discovery made off the coast in late August. The Zohr field, according to Eni, holds 30 trillion cubic feet of gas, covers an area of 100 sq km and could be a “game-changer” for the North African nation. 

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