Neptune Energy was presented with an oil exploration license in the North West El Amal Offshore Concession in Egypt by the Egyptian General Petroleum Corporation. The concession covers 365 square kilometres and is placed in the central part of Gulf of Suez. The block is 42 kilometres far from Ras Gharib and 105 kilometers north to Hurghada.
The first phase provides that the program will acquire 100 km2 of 3D seismic and drilling one exploration well.
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In the meantime, the second phase will conduct the drilling of two wells.
Up to now, the company hasn’t provide a timeline on the expected work program.
Gamal Kassem, Neptune Energy’s Country Director for Egypt reported that the company aspires to develop its business in Egypt and this award represents the company’s first crucial step.
Although the majority of Neptune’s assets are placed in the North Sea region, such as the UK, Norway and the Netherlands, the company is not new in Egypt.
Specifically, Newton owns a share in the Ashrafi field in the Gulf of Suez.
Concluding, onshore Neptune owns a share in the Alam el Shawish West production concession in the Western Desert.
