Egypt celebrates licensing round success

North African country find takers for eight blocks

Egypt’s latest licensing round saw seven international firms stump up $23.7mn in signature bonuses to license eight blocks across the country. The results look encouraging compared with the challenges many upstream nations have faced during a prolonged exploration slump. Four blocks onshore in the Western Desert, two off Egypt’s northern Mediterranean cost and two on the Gulf of Suez in the country’s southeast attracted bidders. Itay’s Eni was most active, securing three blocks as a sole bidder, one in partnership with BP and another with US independent Apex International. China’s Hong Kong-listed United Energy Group secured one of the remaining awards, as did the overseas arm of Chile’s Ena