Eni Plans More Offshore, Onshore Egypt Drilling

Eni Plans More Offshore, Onshore Egypt Drilling
Eni has further strengthened its position in Egypt.

Eni has further strengthened its position in Egypt by securing the “Nour” offshore exploration license in the East Nile Delta Basin of the Mediterranean Sea, the Italy-based company reported Tuesday.

Eni said that it will drill an exploration well in the concession, located approximately 50 kilometers offshore in water depths ranging from 50 to 400 meters, during the second half of this year. The company also noted that it will operate Nour through its IEOC subsidiary and in conjunction with Egyptian Natural Gas Holding Co. (EGAS).

Eni and Tharwa Petroleum Co. hold 85-percent and 15-percent interests, respectively, in the 739-square-kilometer Nour license.

In a separate announcement Tuesday, Eni also stated that Egyptian authorities have granted lease extensions for additional offshore and onshore assets. Offshore, the company reported that it has secured a new Nile Delta Concession Agreement that allows a 10-year extension of the Abu Madi West Development Lease, which includes the prolific “Great Nooros Area.” Eni noted that its Nooros field is located in Great Nooros and added that the lease extension will enable it to conduct further exploration activities in another asset in the lease: the onshore El Qar’a gas discovery.

“The Great Nooros Area’s asset lease extension strengthens Eni’s gas portfolio while confirming the success of Eni’s strategy of near field exploration that has revitalized production in the Nile Delta area, where the Nooros field is currently producing 32 million cubic meters of gas per day,” stated Eni, which holds a 75-percent stake in the concession. BP owns the remaining 25 percent stake, and Petrobel – a joint venture of IEOC and Egyptian General Petroleum Corp. (EGPC) – operate “Nile Delta.”

Egyptian authorities have also granted a five-year extension of the onshore Ras Qattara Concession Agreement and a development lease in the country’s Western Desert basin, Eni reported. The company stated that the extension will facilitate a new drilling campaign in the Zarif and Faras fields.

The IEOC-EGPC joint venture AGIBA operates the Ras Qattara concession, owned by Eni (75 percent) and INA (25 percent), Eni stated.


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