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3 clusters · 11 sources · 11 days · First seen · Last updated

Energean negotiations for BP Egyptian gas assets

Overview

Energean is engaged in exclusive negotiations to acquire specific upstream oil and gas assets from BP in Egypt. The potential deal, valued at approximately $1 billion for BP, involves interests in the West Nile Delta offshore fields, held jointly with Harbour Energy, and a 50% contractor working interest in the Temsah concession in the Eastern Mediterranean, where Eni is a partner.

Recent developments regarding the Temsah concession include the completion of the Denise W-1 exploration well off the coast of Port Said. Preliminary assessments of this discovery indicate it contains approximately 56.6 billion cubic meters of natural gas and 130 million barrels of condensate. The reservoir features a high-quality gas-bearing sand layer roughly 50 meters thick.

The site offers logistical advantages due to its proximity to existing infrastructure; although 70 km from the coast, the well is less than 10 km from current production facilities, which may allow for the use of existing pipelines. The project is a joint venture between Eni and BP, with field operations conducted through Petrobel, a partnership between Eni and the Egyptian General Petroleum Corporation (EGPC).

This acquisition is part of Energean’s strategy to expand its geographic footprint beyond its primary gas fields off the coast of Israel into regions such as Egypt. Conversely, BP is pursuing a strategy to simplify its portfolio and reduce debt. BP is expected to retain its Egyptian assets held through the Arcius joint venture with UAE-based XRG, which includes the Zohr gas field.

Entities

BP · Eni · Egyptian General Petroleum Corporation · West Nile Delta · Egypt

Timeline

  1. 5 days ago

    [BUSINESS] 2 sources
    Egypt offshore discovery reveals 56 billion cubic meters of gas

    Eni and BP have discovered 56.6 billion cubic meters of natural gas and 130 million barrels of condensate at the Denise W-1 well off the coast of Egypt.

  2. 11 days ago

    [BUSINESS] 2 sources
    Energean in talks to acquire BP’s Egyptian gas assets

    Energean is in exclusive talks to acquire BP’s Egyptian upstream assets in a deal worth roughly $1 billion, while Egyptian petroleum companies report meeting production targets.

  3. 16 days ago

    [BUSINESS] 7 sources
    Energean in talks to acquire BP’s Egyptian gas assets for $1 billion

    Energean is in exclusive talks to acquire BP’s upstream assets in Egypt in a deal worth approximately $1 billion, including interests in the West Nile Delta and the Temsah concession.

Sources

arise.tv · bedigest.com · cafef.vn · energymag.gr · furtherafrica.com · ienergeia.gr · kenh14.vn · madata.gr · mononews.gr · oedigital.com · Reporter.gr

This summary has been updated 1 time: see revision history