In early August 2018, BP was reported to have signed a new agreement with the Egyptian General Petroleum Company (EGPC) for Northeast Ramadan block in the Gulf of Suez. The agreement includes a commitment for BP to spend USD 46 million, which includes the drilling of three exploration wells during the first exploration period and a USD 4 million bonus.   The Northeast Ramadan block was awarded to BP on 2 December 2016 as part of EGPC 2016 Bid Round.   Background information  On 12 May 2016, EGPC launched its 2016 Bid Round for 11 blocks. The company offers five blocks in the Gulf of Suez (Northeast October, North Issran Offshore, Northeast El Hamd, Northeast Ramadan and East Badri) and six in the Western Desert (Northwest Razzak, South Alam El Shawish, West Badre El Din, Southeast Meleiha, Southeast Siwa and North Umbaraka).   Six blocks including Northeast Ramadan were awarded on 2 December 2016 by the Egypt Oil Ministry with a total investment of USD 200 million. The companies are committed to drill a total of 33 wells in the six areas.
In early August 2018, BP was reported to have signed a new agreement with the Egyptian General Petroleum Company (EGPC) for Northeast Ramadan block in the Gulf of Suez. 