The Abu Dhabi National Oil Co. (ADNOC) said on Nov. 14 it would invest 5.1 billion dirhams (US $1.4 billion) to upgrade and expand its onshore Bu Hasa Field.
The upgrade will increase crude oil production capacity to 650,000 barrels per day (bbl/d), from 550,000 bbl/d, by the end of 2020, ADNOC said in a statement.
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla said during a press conference.
The study's findings raise the prospect of future discoveries in the area, which has been left untouched over 50 years of exploration activity in the North Sea, said the university.
The attempted divestment is the latest to emerge from the U.S. GoM as higher oil prices allow those with capital-intensive investments in the basin to sell them at much more attractive valuations than in recent years.