Croatian oil company INA got the green light to take a stake in the East Damanhur (Block 10) exploration concession on the coastal part of the Nile Delta in Egypt. Under the contract, the group will have a 20% stake in the project, the company reports.
INA received final permission from Egypt’s national gas company Egas and Egyptian Oil Minister Tarek El-Molla “to finalize the Sale and Purchase Agreement with Wintershall DEA, an operator with a 40% operating interest for the East Damanhur exploration license ( Block 10) on the shores of the Nile Delta With this, INA will enter into a new concession in Egypt as a working partner holding a 20% interest, while the remaining 40% will be held by the Egyptian company Cheiron . “
“Egypt is a key foreign market when it comes to research and production of INA, where we have been present for a long time. Entering this new concession, INA is expanding its portfolio in Egypt and paving the way for a new hydrocarbon production once the exploration activities are completed. This is in line with our development plans, where new projects like this should replace the company’s reserves and keep production going, “Sandor Fasimon, CEO of INA, said in a press release.
INA has been operating in Egypt for 30 years now and most of its activities are concentrated in the Western Desert, where it is an independent operator with a 100% stake in the East Yidma concession and a partner in three other concessions: North Bahariya, Ras Qattara, and West Abu Gharadig.
In recent years, INA has seen its investments in existing portfolios in Egypt increase, including the adjustment and drilling of the Rizk-2D well in the Eastern Yidma concession. The well is 5,613 meters deep and is the deepest well that INA has drilled in the last 35 years.
INA operations last year in Egypt resulted in increased production, with daily output amounting to 1,838 BOE (equivalent to a barrel of oil per day).