Spain's Cepsa gets exploration permit in Egypt

Daily Star Egypt Staff
1 Min Read

MADRID: Spanish oil and gas company Cepsa said on Tuesday it has gained a new exploration permit in Egypt s western desert enabling it to boost its exploration activities. After a licensing round organized by the Egyptian General Petroleum Corporation (EGPC), Cepsa won the permit for the South Alamein block measuring 3,228 square km in north-western Egypt. Cepsa said in a statement that the area contains an oil and gas-rich basin where a variety of international energy companies such as ENI, BP and Edison are already present. The three-year contract involves seismic testing and the drilling of several exploratory wells. In the event of a commercial discovery, Cepsa will be granted a 20-year hydrocarbons development period. Cepsa already has a 25 percent stake in the North Bahrein block in a joint venture with Italy s ENI, with a seismic survey due at the end of this year. Reuters

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