Total oil company leads consortium for exploration permit in Egyptian waters

The French oil company Total announced on Monday that, at the head of a consortium of international companies, it has signed an agreement for the exploration and production of hydrocarbons in a permit in Egyptian waters, in the Mediterranean. 

Total explained in a statement that it will be the operator in this operation in the North Ras Kanayis block in the Herodoto basin, with a 35% stake, along with three other partners: Shell (30%), KUFPEC (25%) and Tharwa (10%). 

This 4,550 square kilometre exploration block is located between 5 and 150 kilometres from the Egyptian coast, in an area where the sea is between 50 and 3,200 metres deep. 

The commitment signed with the Egyptian Natural Gas Holding Company (EGAS) foresees a seismic campaign in the first three years, given that Herodotus is a basin that has been little explored so far. 

For Total, this permit strengthens its presence in Egypt, where it has a 25% stake in North El Hammad (together with the operator Eni, with 37.5%, and BP, with another 37.5%), where gas was discovered last July in the Bashrush well.