EniSpAE struck gas in the Nooros exploration prospect, situated in the Abu Madi West license in the Nile Delta. The prospect lies 120 kilometers north-east of Alexandria, Egypt.
Per the initial projections, this gas discovery is estimated to hold 15 billion cubic meters of gas in place with upside, in addition to related condensates.
Eni achieved the significant exploration success using the Nidoco NW2 Dir NFW well. The well was drilled to a total depth of 3,600 meters. Also, the well came across a 60 meters thick gas having sandstone interval of Messianian age with superb petrophysical properties, beyond other gas layers in the overlying Pliocene section.
The new discovery would be commissioned within two months through a tie-in to the existing Abu Madi gas treatment plant, which is situated 25 kilometers to the south-east of the prospect.
This new discovery is in sync with the company's strategy of concentrating on its adjacent fields and increasing exploration prospects with high potential value. These facilitate rapid exploitation via the existing and synergic infrastructures situated close by, in case of success.
Eni, through its subsidiary Ieoc Production BV, holds a stake of 75% in the West Abu Madi development lease. The remaining 25% is held by BP. The concession is operated by Petrobel, which is a 50:50 joint venture of Ieoc and EGPC.
Eni's presence in Egypt dates back to 1954 through its Ieoc subsidiary. It, currently, is the primary producer of hydrocarbon in the country. The company's daily equity production is 180,000 barrels of oil equivalent.
Currently, Eni carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space include Enbridge Energy Partners L.P. EEP , EQT Midstream Partners L.P. EQM and Cheniere Energy, Inc. LNG . All these stocks sport a Zacks Rank #1 (Strong Buy).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.