The second license is for the 3,440 km2 Bellatrix-Seti East Block, which is located west of the Atoll field and North Tabya blocks. bp will hold a 50% share while Eni will own a 50% stake in the block.
Commenting on the development, Anja-Isabel Dotzenrath, bp’s Executive Vice President for Gas & Low Carbon Energy, said: “Egypt has long been important for bp with almost 60 years of successful partnership and more than $35 billion invested. We now look forward to an even more successful future, continuing to help meet Egypt’s growing energy needs by providing cost-competitive supplies of gas and supporting Egypt through the energy transition by exploring growth opportunities in hydrogen for example.”
Karim Alaa, bp’s regional president, Egypt, Algeria, and Libya, added that the major plans to leverage existing infrastructure to make and develop new discoveries in Egypt, stating that “Acquiring this acreage is part of our strategy to maintain a longer-term plateau production rate.”
The news comes after bp secured four new exploration blocks, including the King Mariout Offshore Area and North El Fayrouz offshore area in Egypt in 2022. The major has also secured a contract extension to explore the North El Tabya area in the country this year.