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BP Commits $229M to 3 Offshore Blocks with Eni & Total

Source: Reuters 10/21/2015, Location: Africa

BP Plc said it had been awarded three new offshore exploration blocks in Egypt and that it and its partners had committed to investment of $229 million.

BP said it would have 100 percent equity and operate the North El Tabya block, located in deep waters north of its recent Salamat and Atoll discoveries.

The North Ras El Esh Block, located in shallow waters to the east of the Notus discovery, will be operated by BP, with 50 percent equity. The remaining stake will be held by a subsidiary of Italy's ENI SpA, IEOC.

BP will have 37.5 percent equity in the third block, North El Hammad, which will be operated by IEOC. The Italian company will hold 37.5 percent equity in this block, located in shallow water to the west of Baltim field, while Total SA will hold 25 percent.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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