Total To Partner With Enel To Explore For Egyptian Gas
May 18 2009 - 9:45AM
Dow Jones News
French oil major Total SA (TOT) said Monday it has won a 90%
interest in an Egyptian offshore gas exploration block, with
Italian utility Enel SpA (ENEL.MI) as its partner.
Total will be the operator and Enel plans to take 10%, the
French oil and gas giant said in a statement.
The block, block 4 East El Burullus offshore, covers an area of
2,516 square kilometers, and is situated approximately 70
kilometers from the coast in water depths varying from 100 to 1,600
meters, Total said.
"The Nile basin is a prolific area where numerous gas
discoveries have already been made," the company said.
The permit is for an initial exploration period of four years,
and will include three-dimensional seismic surveys and the drilling
of exploration wells.
-By Adam Mitchell, Dow Jones Newswires, +33 1 40171756;
adam.mitchell@dowjones.com