No. 40



BG Group Signs For North Red Sea Block 1

Egypt has signed an oil and gas exploration and production sharing agreement with a consortium comprising British Gas (BG, operator, 44%), Lasmo of the UK (36%) and Italy's Edison (20%) for the concession area called North Red Sea Block 1 (ex-El Quseir). The block, with an area of more than 12,000 sq. kms., covers nearly half of Egypt's Red Sea waters. It was one of three blocks that were put up for tender in...