Cairo – Mubasher: Italy-based Edison has denied giving up its 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, according to a statement.
The company is obliged to complete gas exploration in its concessions in 2019, the statement highlighted, adding that the company is preparing for drilling campaigns at the two concessions as it was already planned.
Edison is also planning to begin drilling at a third concession next year, the statement noted.
The company also revealed it will invest around $200 million in developing two concessions in the Nile delta, expecting to start production from them by the first quarter of 2021.
On Wednesday, a source told Alborsa News that Edison 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.
The source stressed that the two concessions would be offered by the oil ministry in an international tender next year.
