The unified concession will also include two new deepwater exploration areas in Abu Qir, as well as open exploration acreage adjacent to Energean’s existing development areas.
Energean plans to invest up to $150 million in Egypt over the next four years as part of efforts to increase domestic natural gas production, supported by progress toward merging its Abu Qir, North Amriya and North Idku concessions into a single unified concession agreement.
The company said in a statement that the new investment program is designed to boost production while creating additional development and exploration opportunities. The unified concession will also include two new deepwater exploration areas in Abu Qir, as well as open exploration acreage adjacent to Energean’s existing development areas.
Energean said it has reached an agreement with the Egyptian General Petroleum Corporation (EGPC) on the key terms of the new concession agreement, while the formal and regulatory procedures required to complete the consolidation remain underway.
The new concession framework includes improved fiscal and commercial terms, including enhanced gas pricing. According to the company, these terms are expected to strengthen the economics of its existing assets, extend their productive life and support further development and exploration projects.
If exploration activities are successful, the investment program could add up to 50 million barrels of oil equivalent in resources and potentially double Energean’s production in Egypt over the next decade.
The company estimates that the newly added exploration areas hold more than 4 trillion cubic feet of natural gas potential, including approximately 3 trillion cubic feet in deepwater areas.
The current phase of the investment program includes drilling six wells across the new concession, alongside a new ocean-bottom node (OBN) seismic survey covering more than 700 square kilometers.
The program will also involve reprocessing existing 3D seismic data to improve subsurface imaging and help identify additional development and exploration opportunities.
