Egypt Awards Five Exploration Licenses to Eni
Eni has been awarded five new exploration licenses by the Egyptian Ministry of Petroleum, the company said in a statement on Monday.
The licenses, four of which as Operator, are in the Egyptian offshore and onshore, follow the successful participation in the 2021 competitive Egypt International Bid Round for Petroleum Exploration and Exploitation.
The Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company through the Egypt Exploration and Production Gateway had announced the bid round, according to the company.
Eni said the licenses are located in the Eastern Mediterranean Sea (Block “EGY-MED-E5” in partnership with BP 50%-50% and Block “EGY-MED-E6” IEOC 100%), in the Gulf of Suez (Block “EGY-GOS-13” IEOC 100%) and in the Western Desert (Blocks “Egy-WD- 7” in partnership with APEX 50%-50% and “EGY-WD-9” IEOC 100%) with a total acreage of about 8,410 sqkm.
It also added that the licenses are placed within prolific basins with proven petroleum systems able to generate liquid and gaseous hydrocarbons and can also rely on nearby existing producing and processing facilities and on a demanding market that will allow a quick valorization of the potential exploration discoveries.
The bid results are aligned with Eni’s strategy to keep exploring and producing gas to sustain the Egyptian domestic market and contribute to LNG export, thanks to the recent restart of the Damietta LNG plant.
Eni has been present in Egypt since 1954 and is currently the country’s main producer with equity hydrocarbon production of around 350,000 barrels of oil equivalent per day. # Egypt Awards Five Exploration Licensees to Eni
Read Also: African Banks are small but Profitable – The Banker
