Repsol
Exploraci�n has won a new permit for exploration and exploitation of
hydrocarbons in the so-called East Bahariya block in the Western Desert of
Egypt. Repsol will be operator for the block, in which its 50% partner is Mobil.
The East Bahariya concession covers approximately 5,600
km2.
The concession agreement, subject to approval by the
Egyptian Parliament, contemplates drilling of at least five exploratory wells
and a minimum investment of twelve million dollars during the first phase of
exploration, due to last four years.
Repsol is the third largest oil
company in Egypt, with a net production of 30,000 barrels per day from the
Khalda, Umbarka, South Umbarka, Gulf of Suez East and Gulf of Suez West
concessions. Its activities there began in 1972 through an exploration and
production contract for the Umbarka concession in the Western Desert. Since
then, the company has considerably increased its stake in that country,
practising a policy of successive acquisitions of production assets and
interests in exploration permits.
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