Eni Makes New Gas Discovery in Great Nooros Area

Eni, together with partner BP, announced on Wednesday a new gas discovery in the Great Nooros Area, located in the Abu Madi West Development Lease, in the conventional waters of the Nile Delta, offshore Egypt.

The announcement came in a joint statement by Eni, as the Operator of the Block, and bp, as contractor member.

The discovery, achieved through the Nidoco NW-1 exploratory well, is located in 16 meters of water depth, 5 km from the coast, and 4 km north from the Nooros field, discovered in July 2015.

The preliminary evaluation of the well results, considering the extension of the reservoir towards the north and the dynamic behavior of the field, together with the recent discoveries performed in the area, indicates that the Great Nooros Area gas in place can be estimated over 4 Tcf.

Eni, together with BP, in coordination with the Egyptian Petroleum Sector, will begin screening the development options of this discovery "benefitting of the synergies with the area's existing infrastructures."

Since 1954, Eni has been operating in Egypt through its subsidiary IEOC Production. The current equity production of IEOC is about 300,000 boepd.

Eni holds a 75% stake in the license of Abu Madi West Development Lease, while bp holds the remaining 25% stake.

In June, Egypt signed 12 agreements with major international companies for oil and gas exploration in the eastern and western Mediterranean, the Red Sea, and the Western Desert with a minimum investment of above $1 billion.

The 12 agreements have been signed with giant oil and gas companies such as American companies Chevron & Noble, Italian Edison, British BP, France’s Total, Royal Dutch Shell, the UAE’s Mubadala, and the Kuwait Foreign Petroleum Exploration Company (KUFPEC).