TOTAL SEALS NEW OIL EXPLORATION DEAL IN THE HEART OF AFRICA
Adedayo Osho, Field Editor
Upon signing an exploration and production agreement with Egyptian Natural Gas Holding Company (EGAS) in January 2021, downstream major player, Total, will operate the North Ras Kanayis block offshore Egypt.
Total will carry out a 3D seismic campaign in the first three years of the project, as contained in the terms of agreement.
Kevin McLachlan, Senior Vice-President, Exploration at Total expressed delight by saying "Total is pleased to further strengthen its Eastern Mediterranean position as an operator of this exploration and production agreement."
McLachlan added "We are excited by the exploration potential of the North Ras Kanayis Offshore block. It reinforces our presence in Egypt, following a gas discovery made in July 2020 with the Bashrush well on the North El-Hammad license, to be developed through a tie-in to nearby existing infrastructure."
The Goodness gathered from French owned Total that the exploration block at the Egyptian Herodotus Basin covers an area of 4,550 square kilometres, extending from 5 to 150 kilometres from the shore, with water depths ranging from 50 to 3,200 metres.
Total's exploration contract is one amongst the 9 newly signed petroleum agreements by the Egyptian Ministry of Petroleum and Mineral Resources in the spring of January, 2021, bringing it to a total of 12 agreements signed during the period of the coronavirus pandemic by the Ministry.
The nine signed agreements include one with Exxon Mobil, to search in the North Marquia marine area in the Mediterranean, with a minimum investment of $112 million to drill three wells; and another with Chevron and its partner, Tharwa Petroleum, to search in the North Sidi Barrani area, with a minimum investment of $70 million, to drill one exploration well.