Ina Signs Concession Agreement for the East Bir El Nus Area in Egypt

Ina has signed a concession agreement for the East Bir El Nus area with the Arab Republic of Egypt, the Egyptian National Oil Company (EGPC), and Energean as the operator, entering a new concession in the Egyptian Western Desert as a partner with a 50 percent stake, while Energean holds the remaining 50 percent.

As reported by Ina on Tuesday, this marks the completion of the process of entering the new concession that began in March 2022, allowing Ina and Energean to commence an exploration program.

The new exploration concession will enhance the sustainability of Ina’s Egyptian portfolio in partnership with a reputable and well-known operator in the oil-rich Western Desert that has good production infrastructure, Ina emphasizes.

The initial exploration period for the East Bir El Nus concession lasts three and a half years, and in the event of a commercial discovery, the contract provides for a production period of 20 years.

Ina and Energean, who are already partners in gas production at the offshore Izabela field in the northern Adriatic in Croatia, have committed to conducting 2D seismic surveys totaling 180 kilometers in length and 3D seismic surveys covering an area of 200 square kilometers, after which at least two exploration wells will be drilled.

– Egypt is Ina’s key foreign market when it comes to oil and gas exploration and production, where we have been present for a long time. By entering the new concession, Ina is expanding its portfolio in its most important region in Egypt, creating conditions for new hydrocarbon production following exploration activities. This aligns with our development plans, where by entering projects like this, we aim to replenish the company’s reserves and maintain production at least at current levels. We are pleased to pursue our goals in Egypt with a partner with whom we already have a good collaboration, ” said Péter Ratatics, CEO of Ina.

Ina has been conducting exploration and production activities in Egypt since 1989. It holds stakes in three production concessions in the Western Desert: North Bahariya, Ras Qattara, and West Abu Gharadig, as well as a stake in the onshore exploration block East Damahur in the Nile Delta, where a significant gas discovery was made earlier this year, with expected production start by the end of this year.

In recent years, it has increased its investments in Egypt, where it is recognized as a respectable partner, with an average hydrocarbon production of 1,610 barrels per day in 2022, the statement concludes.