CAIRO -- Edison, the Arab Republic of Egypt, and Egyptian General Petroleum Corp. (EGPC) have signed a concession agreement for Abu Qir fields, granting certain exploration, production, and development rights to Edison.
Edison will operate the offshore-Egypt concession jointly with EGPC through a new operating company. The concession has a 20-year duration and can be extended for a further 10 years.
The fields are currently producing approximately 1.5 bcm of gas per year and 1.5 MMbbl of oil through three platforms. The concession has reserves estimated at approximately 70 bcm of gas equivalent. EGPC and Edison plan to increase production from existing reserves and exploit the concession's high exploration potential.