The North West El Amal Offshore concession is located in the central part of the Gulf of Suez, approximately 42km south of Ras Gharib
Neptune Energy has secured an exploration licence from the Egyptian General Petroleum Corporation (EGPC) for the North West El Amal offshore concession.
Located in the central part of the Gulf of Suez, approximately 42km south of Ras Gharib and 105km north of Hurghada, the North West El Amal Offshore concession is spread over an area of 365km².
Neptune CEO Jim House said: “Our strategy is to invest and grow our presence in Egypt which is an important market for Neptune. We are committed to strengthening our presence in North Africa through exploration and production activities.
“This is another important step for Neptune in the region and we’re pleased to build on our strong relationships with our partners and with the Ministry.”
Neptune to drill one exploration well in phase one
Upon acquiring 100km² of 3D seismic data, Neptune plans to drill one exploration well in the first phase of the project followed by two more wells in phase two.
Neptune Egypt managing director Gamal Kassem said: “The Gulf of Suez provides many promising prospects and we look forward to working closely with EGPC to grow Neptune’s business in Egypt.”
In December 2019, Neptune Energy subsidiary Neptune Energy East Sepinggan purchased a 20% interest in the East Sepinggan area production sharing contract (PSC) located offshore Indonesia from Italian oil and gas company Eni.
The deal also involved the acquisition of a 30% stake in the East Ganal production sharing contract (PSC) located offshore Indonesia by Neptune Energy from Eni.
Eni will continue to serve as the operator of the East Sepinggan area with 65% interest while PT Pertamina Hulu Energi East Sepinggan and Neptune Energy East Sepinggan will own 15% and 20% stakes respectively.
Located offshore East Kalimantan in Indonesia, the East Sepinggan area includes Merakes development and the Merakes East gas discovery.
The Merakes field project involves drilling and construction of six subsea wells in 1,500m water depth. It is being developed as a subsea tie-back to the Jangkrik floating production unit.