INI Extended License for the Ras Qattara Concession in Egypt Until March 2023

INI and Eni’s Egyptian company IEOC (International Egyptian Oil Company) have been granted an extension of the license for the Ras Qattara concession until March 28, 2023, by the Egyptian Ministry of Petroleum, Parliament, and the state oil company EGPC (Egyptian General Petroleum Corporation).

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Based on the assessment of remaining hydrocarbon reserves at the Ras Qattara concession, the companies requested an extension of the license before its expiration. This has avoided a lengthy and uncertain public competition process and the risk of high costs that arise in the processes of concluding new concession agreements. At the same time, it has enabled the continuation of production activities, which include drilling new wells in the Zarif and Faras fields located in the Ras Qattara area, specifically in the Western Desert of Egypt.

The Ras Qattara concession covers an area of 104 km2. Eni signed a contract for it back in 1989 through its Egyptian company IEOC, and in 1990, INA acquired a 25% stake from IEOC and became a partner in the concession. Production began in 1994 in the Zarif field, and two years later in the Faras field. To date, approximately 69 million barrels of oil have been produced, of which INA’s share amounted to 7.5 million barrels.

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The INA Group has been involved in exploration and production activities in Egypt since 1989. The company is currently present in four concessions in that country. It is the operator in the development fields of Sidi Rahman and Rizk in the East Yidma concession, while it is a partner in the other three concessions: Ras Qattara, West Abu Gharadig, and North Bahariya.