INA buying 20% working interest in Egypt exploration license

Energy Trade

Croatian oil and gas company INA said on Tuesday it is acquiring a 20% working interest in a new onshore exploration area in Egypt, according to a report by SeeNews.

Under the deal, INA will explore the East Damanhour exploration block with two partners, German Wintershall DEA and Egyptian Cheiron, which hold a 40% working interest each in the concession, INA said in a bourse filing. Wintershall DEA is the operator of the exploration license.

The Egypt National Gas Company (EGAS) and the country's ministry of petroleum have approved the agreement for the joint exploration of the block, INA said. The deal includes a three-year exploration license and a 20-year production license in case of commercial discovery. Wintershall DEA plans to start the exploration programme with the first three planned wells in 2021, it said in a separate statement. Hungarian energy company MOL has almost 50% stake in INA-Industrija nafte, d.d., while the Croat government controls close to 45%.

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