Eni has won five new exploration licences granted by Egypt's petroleum ministry, cementing the Italian major's strategy to keep exploring and producing gas for the Egyptian domestic market as well as contributing to LNG exports, the company said in a statement on Monday.
Eni is the operator of our of the licences, located offshore in the Eastern Mediterranean Sea (Block “EGY-MED-E5” in partnership with BP 50%-50% and Block “EGY-MED-E6” IEOC 100%); in the Gulf of Suez (Block “EGY-GOS-13” IEOC 100%); and on shore in the Western Desert (Blocks “Egy-WD- 7” in partnership with APEX 50%-50% and “EGY-WD-9” IEOC 100%).
The exploration licences are for a total acreage of about 8,410 square kilometres, the statement said.
"The licenses are placed within prolific basins with proved petroleum systems able to generate liquid and gaseous hydrocarbons and can also rely on nearby existing producing and processing facilities and on a demanding market that will allow a quick valorization of the potential exploration discoveries," said the Eni statement.
The awarding of the licences follows the 2021 “Egypt International Bid Round for Petroleum Exploration and Exploitation” which was previously announced by the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company through the Egypt Exploration and Production Gateway.
Eni has operated in Egypt since 1954 and is currently the country's main producer with equity hydrocarbon production of around 350,000 barrels of oil equivalent per day. It recently re-started production its Damietta LNG plant, the statement noted.
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