French supermajor TOTAL says that an international consortium it is leading has signed an exploration and production agreement with the Egyptian Natural Gas Holding company (EGAS) for the North Ras Kanayis Offshore block located in the Herodotus Basin, offshore Egypt in the Mediterranean Sea.
TOTAL will operate the block with 35% equity. AngloDutch giant Shell holds 30%, with Kuwait Foreign Petroleum Exploration Company (KUFPEC) having 25%. Tharwa Petroleum, an Egyptian state hydrocarbon firm, holds the remaining 10%.
North Ras Kanayis is an exploration acreage covering 4,550 square kilometres, extending from 5 to 150 kilometres from the shore, with water depths ranging from 50 to 3,200 metres. The Herodotus Basin is an underexplored area and the agreement includes a three dimensional (3D) seismic campaign during the first three years.
‘‘TOTAL is pleased to further strengthen its Eastern Mediterranean position as an operator of this exploration and production agreement’’, commented Kevin McLachlan, the French major’s Senior Vice President Exploration. “We are excited by the exploration potential of the North Ras Kanayis Offshore block. It reinforces our presence in Egypt, following a gas discovery made in July 2020 with the Bashrush well on the North El Hammad license, to be developed through a tie-in to nearby existing infrastructure.”
TOTAL holds a working interest of 25% in the North El Hammad license, alongside operator ENI (37.5%) and BP (37.5%)