Eni announces new gas discovery offshore Egypt - News Summed Up

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Eni announces new gas discovery offshore Egypt

Eni announces new gas discovery offshore EgyptCreated: Friday, 15 March 2019 07:30Italy’s oil and gas firm Eni has announced a new gas discovery under evaluation in the Nour exploration prospect, offshore EgyptThe discovery is located in the Nour North Sinai Concession, in the eastern Egyptian Mediterranean, about 50 km north of the Sinai Peninsula. Nour-1 well found 33 meters of gross sandstone pay with good petrophysical properties and an estimated 90-meter gas column in the Oligocene age Tineh formation. In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni is the operator with a 40 per cent stake, BP holds a 25 per cent stake, Mubadala Petroleum a 20 per cent stake while Tharwa Petroleum Company a 15 per cent stake of the contractor’s share. The JV operator will start the feasibility studies to accelerate the exploitation of these new resources by leveraging synergies with existing facilities and infrastructures, after finalising the discovery evaluation. Eni has been operating in Egypt since 1954 through its subsidiary Ieoc.

Source: The North Africa Journal March 15, 2019 07:30 UTC