Italian oil and gas explorer has discovered nearly 15bn cu/m of gas in Egypt’s Nile Delta region, said the country’s oil ministry
The Italian company made the discovery at a depth of 3,600 metres and initial estimates point towards reserves of up to 15bn cu/m of natural gas and natural gas condensate, revealed an official in the Egyptian oil ministry.
The discovery was made in Western Abu Madi, located 120 km northeast of Alexandria. Eni holds 75 per cent of exploration rights through an Egyptian subsidiary, while BP holds another 25 per cent stake.
The country’s oil ministry signed a US$2bn energy exploration deal with Eni in June, said Reuters. Eni has operated in Egypt for more than 60 years through its Egyptian subsidiary IEOC and is one of the main energy producers in the country, with a daily output of around 180 thousand barrels of oil equivalent (boe).
