On 13 February 2020, Neptune Energy signed a concession agreement with the Egyptian Ministry of Petroleum and Natural Resources to operate the North West El Amal offshore block in the Gulf of Suez Basin. This block which covers 367 sq km is located in the central part of the Gulf of Suez, approximately 40 km south of Ras Gharib and 100 km north of Hurghada.  According to the initial commitments stated in the award procedure, the agreement should include a minimum expenditure of USD 34.5 million for exploration operations and a signature bonus (undisclosed amount) for the drilling of 3 exploration wells.  During the first exploration phase of three years, starting in 2020, the company is planning to acquire 100 sq km of 3D seismic data and to drill one well.  Neptune Energy is a JV between China Investment Corporation (49%), Carlyle International Energy Partners (30.6%) and CVC Capital Partners (20.4%). North West El Amal is the company's sole block in Egypt.
Neptune Energy Group Ltd signed E&P operation agreement for North West El Amal offshore block, Gulf of Suez Basin