ENI Announces New Oil Discovery in Egypt

Italian company Eni announced on Friday the success of the Belayim Petroleum Company, owned by the Egyptian General Petroleum Corporation (EGPC), in discovering a new oil well in the Abu Rudeis Sidri area, Gulf of Suez with an initial production of 5,000 barrels per day.

Eni said in a statement on Friday that production will start from the well in the next few days and will be operated through production facilities in the Gulf of Suez, pointing out that the total estimated reserves in the discovery of South Sidri amount to about 200 million barrels of oil.

The company has developed a rapid development plan for the discovery and utilization of the existing infrastructure in the region of the well. This strategy will also be applied in future activities in the Sidri area to accelerate exploration and laying wells on production.

In July, the Ministry of Petroleum announced that Belayim had discovered oil in the Abu Redis area by digging the Sidri 23 well and successfully reaching deeper layers by forming Pre-Miocene reservoirs.

Moreover, an oil-bearing layer was discovered, with a crude thickness of up to 35 meters from sedimentary rocks and 65 meters from limestone.