Egypt: EKH agrees on expansion of concessions granted to North Sinai Petroleum

PHOTO

Egyptian Kuwaiti Holding (EKH) has agreed with Ministry of Petroleum on the expansion of the offshore concession areas granted to its subsidiary North Sinai Petroleum Company and converting the added exploration area into a development contract, as per a disclosure.

Hence, the production from the second well in the ATON-1 area is expected to start in September.

This follows the successful drilling of the first exploratory well in the KSE-2 block, where production commenced last June.

This came during a meeting with Minister of Petroleum and Mineral Resources Karim Badawi to tackle several matters.

In the meeting, EKH expressed interest in making more investments in gas explorations and boosting production over the coming period through North Sinai Petroleum Company.

Since 2017 to date, the company’s investments in exploration and development in the offshore North Sinai field have reached $247 million, with the addition of natural gas reserves estimated at 212 billion cubic feet.