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It was a weekend busy with energy news, between Shell and its partners exiting their Red Sea blocks, BP completing the drilling of its El Fayoum-5 well, and Romanian firms expressing interest in the oil and gas exploration blocks offered by the Oil Ministry.
There’s only one remaining active Red Sea block, after Shell exited Red Sea 3 and Red Sea 4: Oil and gas giant Shell and its partners withdrew from their two Egyptian Red Sea exploration blocks, which they were awarded in 2019, industry publication Middle East Economic Survey reports. The blocks, which were previously held in partnership with Woodside, Qatar Energy, and Mubadala, are now listed as open on Egypt’s official blocks map, while a Woodside report states that the exit is still in progress. Red Sea Block 1 — held by Chevron, Woodside, and Egypt’s Tharwa — is now the only active block in the area, though drilling plans remain on hold due to Houthi attacks.
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BP wraps up drilling at its El Fayoum-5 gas well: BP finished drilling at the El Fayoum-5 gas well in its North Alexandria Offshore Concession, the energy giant announced. BP is working to tie the recent discovery into its West Nile Delta operations. El Fayoum-5 “encountered four prospective Messinian gas reservoirs.”
What they said: “This reinforces BP’s commitment to Egypt and its growing energy needs. With Raven Infills Phase 2 already contributing to production, we’re now fast-tracking the El King and Fayoum discoveries to tie into our West Nile Delta infrastructure,” BP EVP Gas and Low Carbon William Lin said.
Agiba accelerates development of Iris field: Agiba — a JV between energy giant Eni subsidiary IEOC and the Egyptian General Petroleum Corporation (EGPC) — has successfully expedited the development of the Iris field in the Western Desert, according to an Oil Ministry statement. The development currently involves three production wells ensuring stable output of 8.5k barrels of oil per day.
Three Romanian firms want a piece of the 13 oil and gas exploration blocks across the Mediterranean and Gulf of Suez the Oil Ministry is offering to investors, head of the Egyptian-Romanian Business Council Ahmed El Sokkary told Al Borsa. The companies will put in their offers over the coming few weeks, he said.
