- 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%.