Exploration and production company Neptune Energy has acquired an offshore license in the Gulf of Suez, Egypt, committing to carry out seismic surveys and to drill an exploration well during the first phase of the license. Neptune said that the signing of the operated exploration license for the North West El Amal Offshore Concession marked the company’s commitment to growing its presence in North Africa. The agreement was signed with the Egyptian General Petroleum Corporation (EGPC) at the Egypt Petroleum Show. The North West El Amal Offshore concession covers 365 km2 and is located in the central part of the Gulf of Suez, approximately 42 km south of Ras Gharib and 105 km north of Hurghada. Elsewhere in Egypt, Neptune owns a share in the mature Eni-operated Ashrafi offshore field in the southwestern part of the Gulf of Suez.

Source: The North Africa Journal February 12, 2020 15:11 UTC