Project Profile
Location: onshore the Nile Delta, Alexandria Governorate, Egypt
Area: 1575 sq km
Drilling Depth: 2,370 metres
Start-up Year: -
Petroceltic International, in a joint venture with Edison International Spa, was the successful bidder for the South Idku block, in the Egyptian Natural Gas Holding Company 2012 International Bid Round. South Idku Block (Block 1) is located in Petroceltic’s core Egyptian operating area, onshore the Nile Delta, and in this concession the company has a 75% operated interest, with Edison holding the remaining 25%. The license has an initial 3 year term, which can be extended up to a maximum of 6 years, and a firm work commitment comprising the acquisition of 2D/3D seismic, and two exploration wells. The average drilling depth in the license is 2,370 metres.
The license is governed by a Production Sharing Agreement (PSA) under Egyptian law, ratified between the Arab Republic of Egypt, Egyptian Natural Gas Holding Company (EGAS) and Edison International SpA.
Operators:
Edison International SpA: Operator with 100% interest