Eni SpAE boosted production at Nooros gas field to 32 million cubic meters per day or about 215,000 barrels of oil equivalent per day (boe/d).
The production level marks the highest in ten decades by an Eni field in Egypt. The level was achieved owing to the commissioning of the NW-7, the 13th well within this field. The production will be boosted when a 14th well, currently under drilling, is brought online by June 2018. This is estimated to boost production to 34 million cubic meters per day or about 230,000 boe/d.
Discovered in July 2015, the Nooros field lies in the Nile Delta offshore area. The field was brought into production within a month of discovery. Currently, Nooros is the leading gas producing field in the company's Egyptian asset portfolio. It is also an example of the company's integrated model success. The discovery reflects Eni's 'near field' exploration strategy, which aspires to trace potential additional reserves located nearby to already existing upstream infrastructures.
In the mid-term, Nooros' development will be escalated following the extension of the development lease that will involve investments, especially the construction of a new pipeline connecting Nooros with the El Gamil onshore treatment plant by year end 2018 and early 2019. These developments will make certain the attainment of above-production level in the mid-term while maximizing recoverable reserves.
The measures will include the commissioning of Baltim SW along with the ramp up of any future exploration potential in the Nile Delta area. Eni holds a 50% stake through its affiliate IEOC Production BV, in Baltim SW, while BP plc (BP) holds the remaining 50%.
Eni holds a 75% stake through its affiliate IEOC Production BV, in the Nile Delta Concession, where Nooros is located, while BP holds the remaining 25%.
Eni's shares have gained 3.2% in the last three months against the industry 's 3.5% decline.
Zacks Rank & Key Picks
Eni carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Statoil ASA STO , Pioneer Natural Resources Company PXD and ConocoPhillips COP . All the three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .
Statoil, based in Norway, is a major international integrated oil and gas company. It witnessed an average positive earnings surprise of 23.2% in the last four quarters.
Headquartered at Irving, TX, Pioneer Natural Resources Company is an independent oil and gas exploration and production entity. It pulled off an average beat of 66.92% in the trailing four quarters.
ConocoPhillips, based in Houston, TX, is a major global exploration and production company. It came up with a positive surprise of 144.45% in the last four quarters.
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