Eni: granted new exploration rights offshore Egypt
(CercleFinance.com) - Egypt has granted Eni the right to explore for oil and gas in the prolific East Nile Delta Basin off the country's coast in the the Mediterranean Sea, the company said on Tuesday.
The exploration license, called "Nour," is located approximately 50 km offshore, in water depth ranging from 50 to 400 metres, covering a total area of 739 km2.
The Italian oil firm now plans to proceed with the drilling of an exploration well in the second half of 2018.
In addition, Egyptian Authorities have authorised a new concession agreement resulting a ten-year extension of the Abu Madi West development lease (203 km2), and the execution of further exploration activities over 64 km2.
Furthermore, Egyptian Authorities have authorised a five-year extension of the Ras Qattara concession agreement, meaning that a new drilling campaign will unlock remaining hydrocarbon reserves.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The exploration license, called "Nour," is located approximately 50 km offshore, in water depth ranging from 50 to 400 metres, covering a total area of 739 km2.
The Italian oil firm now plans to proceed with the drilling of an exploration well in the second half of 2018.
In addition, Egyptian Authorities have authorised a new concession agreement resulting a ten-year extension of the Abu Madi West development lease (203 km2), and the execution of further exploration activities over 64 km2.
Furthermore, Egyptian Authorities have authorised a five-year extension of the Ras Qattara concession agreement, meaning that a new drilling campaign will unlock remaining hydrocarbon reserves.
Copyright (c) 2018 CercleFinance.com. All rights reserved.