Cepsa Expands in Egypt

May 2006 | Company News Alert

Spanish energy firm Cepsa has been awarded a new exploration permit after participating in Egypt's latest international licensing round. The permit is for the South Alamein block located in the Western Desert, an area of the North African country that has seen intense investor interest with the likes of Italy's Eni and BP already active there. Most recently, a joint venture between national oil company EGPC and Italy's Agip made an oil discovery there in February 2006. The exploration contract is for three years, with the possibility of a 20-year development extension should the block prove commercial. Cepsa already hold

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