Eni gets license, extensions in Egypt

Aug. 14, 2018
Eni plans to drill an exploration well this year on its Nour prospect in the East Nile Delta basin under a new license in Egypt.

Eni plans to drill an exploration well this year on its Nour prospect in the East Nile Delta basin under a new license in Egypt.

In addition to approval of that concession, the company has received extensions of agreements governing four other Egyptian assets.

The 739-sq-km Nour license is in 50-400 m of water about 50 km from shore.

Eni operates the license through a subsidiary, IEOC, with an 85% interest. Tharwa Petroleum Co. holds a 15% stake.

Meanwhile, the government has approved a 10-year extension of the 203-sq-km Abu Madi West Development Lease and further exploration of the 64-sq-km El Qar’a Exploration Lease, both in the Nile Delta’s Great Nooros Area.

Nooros field produces 32 million cu m/day of natural gas. Through IEOC, Eni holds a 75% stake in the concession. BP holds 25%. The Nile Delta operator is Petrobel, a joint venture of IEOC and Egyptian General Petroleum Corp. (EGPC).

The government also approved a 5-year extension of the Ras Qattara concession agreement and a related development lease in the Western Desert, where Eni plans new drilling in Zarif and Faras fields.

Eni holds a 75% interest in the 104-sq-km Ras Qattara concession with 25% partner INA. The operator is AGIBA, a joint venture of IEOC and EGPC.