Sunday, December 05, 2021

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Italian ENI makes new oil discovery in Egypt

Italian ENI makes new oil discovery in Egypt

Cairo, Oct 27 (Prensa Latina) Italian energy giant ENI made three new oil and gas discoveries in western Egypt with total reserves of 50 million barrels of crude oil equivalent, an official source announced on Wednesday.
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Egypt’s Ministry of Petroleum stated in a communique that the discoveries were made in the Meleiha area, in the western desert, and will add a production of 6,000 barrels per day.

In June 2020, ENI signed an agreement with this country’s authorities, Egyptian General Petroleum Corporation (EGPC) and Russian oil company Lukoil for the merger of the concessions in that area.

ENI, through its subsidiary International Egyptian Oil Company, holds a 38 percent interest in the Meleiha concession, while Russia’s Lukoil holds 12 percent and EGPC a 50 percent.

A report by the Ministry of Planning revealed that Egypt plans to produce 3.44 million cubic feet of crude oil, condensate and butane, and 2.6 trillion cubic feet of natural gas in the current fiscal year 2021-22.

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