New Gas Discovery Made Offshore Egypt
Eni S.p.A. (BIT: ENI) has announced a new gas discovery in the Great Nooros Area, which is located offshore Egypt in the Abu Madi West Development Lease.
Achieved through the Nidoco NW-1 exploration well, the new discovery is situated in 52 feet of water depth. The find is three miles from the coast and 2.4 miles north from the Nooros field, which itself was discovered in July 2015.
Nidoco NW-1 is said to have discovered gas-bearing sands with a total thickness of 328 feet, of which 164 feet are within the Pliocene sands of the Kafr-El-Sheik formations and 164 feet are within the Messinian age sandstone of the Abu Madi formations. Preliminary evaluation of the well results indicates that the Great Nooros Area gas in place can be estimated in excess of four trillion cubic feet, according to Eni.
Eni noted that, in coordination with the Egyptian petroleum sector, it will begin screening the development options of the new discovery.
Back in July, Eni announced the discovery of new oil resources in the Western Desert of Egypt with a new exploration well in the South West Meleiha Concession. During the same month, the company revealed that it had made a new gas discovery in the Mediterranean Sea offshore Egypt.
Through its subsidiary IEOC, Eni holds a 75 percent stake in the license of Abu Madi West Development Lease, while BP plc (NYSE: BP) holds the remaining 25 percent stake. The operator is Petrobel, an equal joint venture between IEOC and the state company Egyptian General Petroleum Corporation. Eni has been present in Egypt since 1954. The current equity production of IEOC is about 300,000 barrels of oil equivalent per day.
According to its website, Eni operates in 66 countries and produced 1.8 million barrels of oil equivalent per day in 2019. The business employed over 31,000 people last year and more than 11,000 of those were within the company’s exploration and production segment. Eni operates within 14 African countries and employed 3,371 people in the region in 2019, its website shows.
Eni currently has seven ongoing projects in Africa, according to its website, which notes that Africa provides more than half of all Eni’s crude oil and natural gas, making it the leading international producer on the continent.
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