International Finance

UK-based Energean to invests $235 mn in offshore concessions in Egypt

Energean Egypt_IFM_Image
Energean will develop the North Amriya and North Idku concessions in offshore Egypt

UK-based oil exploration and production company Energean is planning to invest around $235 million to develop oil fields in Egypt, media reports said. Energean will develop the North Amriya and North Idku concessions in offshore Egypt. It is also reported that TechnipFMC has been awarded the EPIC contract to deliver the project.

While the North Amriya concession contains the Yazzi and Python discovered gas fields,  North Idku has four gas fields including one ready for development. According to Energean, the shallow-water Abu Qir concession is the oldest gas producing area of the Mediterranean Sea, and still one of Egypt’s largest gas production hubs.

Both concessions are expected to deliver the first gas in the second half of 2022, with 49 million boe of 2P reserves, 87 percent of which is gas. Peak production is expected to be approximately 90 mmscf/d plus 1 kbopd of condensates, according to reports.

The UK is urged to complete its oil and gas exploration in the North Sea to secure its position as a ‘credible climate champion’. The warning was issued by green campaigners on the back of Denmark’s decision to stall its exploration activities in the North Sea in an effort to cut carbon emissions.

Denmark’s decision to halt exploration work in the North Sea is expected to help the country realise its commitment to stop climate change. Last week, the UK Prime Minister Boris Johnson announced that the country will cut national carbon emissions by 68 percent by 2030. The proposed percentage is at a faster rate than other economies.

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