Eni Egypt to Drill 2 More Wells in October

Eni's Egyptian subsidiary, IEOC, will start drilling a new well in its Ashrafy offshore concession in the southwest of the Gulf of Suez in mid-October, an industry source said Monday.

The company is expected to drill another well in West Ashrafy by the end of the year, the source added. The two wells are jointly expected to produce about 5,000 b/d of crude oil and 17 million cubic feet a day of natural gas.

IEOC, a joint venture with state-owned Egyptian General Petroleum Corp., refused to comment.

IEOC, the largest hydrocarbons producer in Egypt, is a partner of BP in the Damietta LNG Plant. It also holds a 50% stake in the Ras El Barr concession, also with BP.