Energean is planning to spend some USD 235 mn to develop the North Amriya and North Idku concessions offshore Egypt, the Greek company said in a statement (pdf) on Thursday, its first major investment in its Egypt assets since acquiring them from Edison last year. The North Amriya concession contains the Yazzi and Python fields, both of which have been discovered and appraised, while the North Idku concession contains four gas fields, including one that is ready for development, the statement says. The development of both concessions is expected to deliver first gas in 2H2022, and could yield 49 mn barrels of oil equivalent, 87% of which is gas.

The concessions were among Edison’s oil and gas assets in Egypt, which Energean acquired at the end of last year as part of a wider purchase of the Italian company’s total energy portfolio. The development of the concessions is a “key [project] for the Egyptian portfolio which will provide substantial benefits to the long-term production profile in the country,” the statement says.