A joint venture (JV) comprising Petroceltic International Plc, the independent oil and gas E&P company focused on the Middle East-North Africa, Mediterranean and Black Sea regions, and Edison International Spa was the successful bidder for the North Port Fouad Block in the Egyptian Natural Gas Holding Co. 2013 International Bid Round, according to a Petroceltic press release.

North Port Fouad (Block 7) is located offshore the Nile Delta and lies to the north of, and immediately adjacent to, the North Thekah Block, which was awarded to a Petroceltic/Edison JV in 2013. The combined area of both licenses is in excess of 7,000 sq km (2,703 sq miles).

There have been no wells drilled on the North Port Fouad Block to date, but regional and seismic evidence indicates that the proven Nile Delta Oligocene and Levantine Basin Miocene plays are likely to be present. Major hydrocarbon discoveries have been reported in both plays in recent years. The company has a 50% nonoperated interest in North Port Fouad, which has an initial 3-year term and is extendable up to a maximum duration of 8 years. The firm work program commitment in the initial 3-year term comprises the acquisition of 1,000 sq km (386 sq miles) of 3-D seismic data. There is no well obligation in the first license period.

It is expected that the new license will be formally awarded in early 2015 following ratification and finalization of the production sharing contract.

Offshore