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Italy's Eni makes new gas find offshore Egypt, to fast-track production

Highlights

Bashrush discovery close to producing fields

Well discovered 152 meter gas column

To screen development options for new find

London — Italy's Eni has made a new gas discovery offshore Egypt, close to already producing fields, that it plans to fast-track into production using existing infrastructure, the company said July 1.

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The discovery adds to Eni's success in recent years following the development of the 30 Tcf supergiant Zohr field that was discovered in 2015, which helped bring Egypt back to self-sufficiency in gas.

Eni said it discovered a single 152-meter thick gas column at the Bashrush prospect with its first exploration well in the North El Hammad license in the conventional Egyptian waters of the Nile Delta.

It said the Bashrush discovery was "further demonstration of the effectiveness of Eni's incremental exploration strategy, aimed at selecting high value opportunities and ensuring fast development of the new discoveries through existing infrastructure."

Together with its partners BP and Total, Eni said it would begin screening the development options for the new discovery with the aim of "fast-tracking" production.

The discovery of Bashrush further extends to the west the gas potential of the Abu Madi formation reservoirs discovered and produced from the so-called Great Nooros Area, Eni said.

It is located 12 km from the Nooros field and just 1 km from the Baltim South West field, both already in production.

Eni said it would also continue to explore the Great Nooros Area with the drilling this year of another exploration well called Nidoco NW-1 DIR, located in the Abu Madi West concession.

Eni, through its affiliate IEOC, is operator of the North El Hammad concession with a 37.5% stake.

BP holds a 37.5% stake and Total the remaining 25% interest.