ZAGREB, August 14, 2018 – The International Egyptian Oil Company’s licence for the Ras Qattara concession in Egypt has been extended until 28 March 2023, Croatia’s oil company INA said on Tuesday.
The extension was approved by the Egyptian General Petroleum Corporation and Egypt’s oil ministry and parliament.
Ras Qattara, of which INA owns 25% and Italy’s Eni 75%, is one of INA’s most profitable properties in Egypt and the licence extension facilitates the continuation of production, including drilling new wells.
The licence extension has added value as INA continues to maintain good partner relations with Egypt, which can result in new business opportunities there and elsewhere in the world, the company said.
Ras Qattara covers an area of 104 square kilometres. Eni signed a contract for it in 1989 via its Egyptian company IEOC. INA became a partner in 1990, taking over a 25% stake in IEOC. Production kicked off in 1994 and 69 million barrels of oil have been produced to date, including INA’s 7.5 million.
The INA Group has been exploring and producing in Egypt since 1989. Currently, it has four concessions there – operating one (East Yidma) and as a partner in three (Ras Qattara, West Abu Gharadig and North Bahariya).
