Hitherto unreported in late March 2019 Edison International SpA (Edison) farmed out 70% of its 100% interest in the Northeast Hapy Offshore exploration block to Eni subsidiary International Egyptian Oil Co (IEOC). IEOC becomes operator.  Edison was awarded the the 2,458 sq km block in 2015 and operated it alone. The company had a commitment to spend a minimum of USD 86 million and drill three wells. Edison has paid a signature bonus of USD 1.5 million.  NE Hapy Offshore Block is traversed by minor faults formed by the interplay of the three major fault trends (Temsah Fault Trend, Rosetta Fault Trend & Hinge Zone Faults) affecting the Nile Delta Basin. These faults are anticipated to play an important role in shaping the prospectivity of the block. The Block lies to the east of BPâs recent Oligocene gas & condensate discoveries of Salamat and Atoll.  Edison is understood to sell its exploration & production unit to focus on the retail operations of gas and electricity. Edison's main E&P activities are in Egypt, Italy and the North Sea (Norway and UK) with other operations in Algeria, Croatia, Falkland Islands and Israel. The companyâs E&P assets are estimated at USD 2-3 billion.  Edison assets in Egypt were as follows.  Exploration concessions:  North Thekah Offshore and North East Hapy Offshore deep-water exploration blocks in the east Mediterranean. Edison holds also a 100% interest in the concessions.  Development leases:  Abu Qir, North El Amirya and North Idku concessions in the Nile Delta offshore.Â  Edison holds a 100% interest in the concessions and also   a 20% PI in the Rosetta offshore production license operated by Shell.
Edison International SpA (Edison) farmed out 70% of its 100% interest in the Northeast Hapy Offshore exploration block to Eni subsidiary International Egyptian Oil Co (IEOC). 