Project Profile
Value: Undisclosed
Location: offshore Nile Delta, Egypt
Reserves: Unknown
Production: Unknown
Area: 7,000 square kilometres
Depth: Unknown
Start-up Year: -
North Port Fouad (Block 7), is located offshore the Nile Delta and lies to the north of, and immediately adjacent to, the North Thekah Block, which was awarded to a Petroceltic/ Edison joint venture in 2013. The combined area of both licences is in excess of 7,000 square kilometres. There have been no wells drilled on the North Port Fouad block to date but regional and seismic evidence indicates that; the proven Nile Delta Oligocene and Levantine Basin Miocene plays are likely to be present. Major hydrocarbon discoveries have been reported in both plays in recent years. Petroceltic has a 50 per cent non-operated interest in North Port Fouad, which has an initial 3 year term and is extendable up to a maximum duration of 8 years. The firm work programme commitment in the initial 3 year term comprises the acquisition of 1,000 square kilometres of 3D seismic data. There is no well obligation in the first licence period. It is expected that the new licence will be formally awarded in early 2015 following ratification and finalisation of the Production Sharing Contract.
Operators:
Petroceltic International and Edison International joint venture (JV): Operator with 100% interest
Petroceltic International: 50% non-operated interest
Edison International: 50% operated interest
Contractors:
Subcontractors: