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BP wins three new exploration blocks in Egypt; $229M investment planned

Oct. 21, 2015 4:48 PM ETBP p.l.c. (BP) StockBP, TTE, EBy: Carl Surran, SA News Editor5 Comments
  • BP says it was awarded three new offshore exploration blocks in Egypt, and that it and its partners have committed to invest $229M in the blocks.
  • BP will have 100% equity and operate the North El Tabya block, located in deep waters north of its recent Salamat and Atoll discoveries.
  • The North Ras El Esh Block will be operated by BP with 50% equity, with the remaining stake held by a subsidiary of Eni (NYSE:E).
  • The third block, North El Hammad, which will be operated by the Eni subsidiary, which will hold 37.5% equity, as will BP, while Total (NYSE:TOT) will own 25%.

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