Cairo – Mubasher: Italy-based Edison has given up gas exploration rights in its Mediterranean water concessions, namely North Thekah and North East Marine Habi, in Egypt.
The Italian gas company had signed an agreement regarding the concessions with the Egyptian Gas Holding Company (EGAS) in 2014.
Edison has requested the Egyptian petroleum ministry to sell part of its share in its concessions during the exploration period conducted by other foreign companies, which has been rejected as no gas find was discovered yet in the area, a source familiar with the matter told Alborsa News.
The source stressed that the two concessions will be offered by the oil ministry in an international tender next year.
Vice president of Edison Nicola Monti previously said that the company was planning to drill the first exploratory well in the concession of North Thekah in the Mediterranean, Egypt in 2019.
