Egypt

Energean, INA get gas exploration licence in Egypt

Published on : 2022-01-24

UK-based natural-gas focused energy company Energean said its unit Energean Egypt, in 50:50 consortium with Croatian oil and gas company INA, was awarded an exploration licence in Egypt on January 3.

The licence covers exploration activities in Block-8 of East Bir El-Nus concession in the Western Desert of Egypt, Energean said in a press release last week.

The award is in line with Energean’s strategy to increase and diversify its presence in Egypt and reinforces its commitment to the country, the company added.

The work programme for the licence includes a 170km 2D seismic survey, a 200km 3D seismic survey plus two exploration wells, which are expected to target estimated resources of some 100 millions of barrels of oil equivalent.

INA's shares traded at 3,460 kuna ($519/460 euro) on Monday afternoon on the Zagreb bourse, down 1.14%.


(1 euro=7.529 kuna)

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