India’s IVRCL Farms Into Two Egyptian Blocks For Undisclosed Sum
India’s IVRCL Infrastructures and Projects has acquired a 20% interest in two Egyptian exploration blocks, in the Western Desert and offshore Nile Delta, with the acquisition of the unlisted Indian firm Alkor Petroo for an undisclosed sum. Block 6 in the Nile Delta could have oil reserves of up to 143mn barrels and as much as 6.5 TCF of gas, IVRCL said on 12 November in its announcement of the acquisition on the Bombay Stock Exchange. The blocks, among the 20 permits offered in the upstream bid round launched by Egypt’s state-owned EGAS and Ganoub El-Wadi early last year, are both operated by India’s Gujarat State Petroleum Corporation (GSPC) (MEES, 11 December and 27 February 2006). IVRCL says it will invest around $50mn during the exploration phase of Alkor’s five blocks.
Copyright MEES 2007.
