Eni Finds Oil in Egypt Desert
Eni (NYSE: E) has announced a new oil discovery in the Meleiha Concession in the Western Desert of Egypt.
Achieved through the Arcadia 9 well on the Arcadia South structure, the find is located a mile south of the main Arcadia field already in production. The well was said to have encountered an 85 foot oil column in the Cretaceous sandstones of the Alam El Bueib 3G formation. Arcadia 9 has registered a stabilized rate of 5,500 barrels of oil per day, Eni revealed.
Following the discovery, two development wells, Arcadia 10 and Arcadia 11, were drilled back to back. The first one encountered a 25 foot oil column and the second one an 80 foot oil column within the Alam El Bueib 3G formation. The three wells share the same oil-water contact in the discovered reservoir, Eni highlighted. Arcadia 11 was also said to have encountered 20 feet of oil pay in the overlying Alam El Bueib 3D formation.
“Eni’s successful implementation of its infrastructure-led exploration strategy in the Western Desert through AGIBA, a joint venture between Eni and Egyptian General Petroleum Corporation (EGPC), allows a quick valorization of these new resources,” Eni said in a company statement.
Through its subsidiary Ieoc, Eni holds a 38 percent interest in the Meleiha concession. Lukoil holds a 12 percent stake and EGPC holds the remaining 50 percent interest. Eni has been present in Egypt since 1954 and is the country’s main producer. The company’s current equity hydrocarbon production is said to be around 320,000 barrels of oil equivalent per day.
Back in September, Eni and BP announced a new gas discovery in the ‘Great Nooros Area’, which is located in the Abu Madi West Development Lease in the conventional waters of the Nile Delta, offshore Egypt. In July, Eni announced a new oil discovery and new production in the South West Meleiha Concession in the Western Desert of Egypt.
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