According to Egypt’s petroleum ministry, Eni, the Italian oil and gas giant, made three (3) oil and gas discoveries in the country’s western area, with the potential for up to 50 million barrels of oil equivalent in reserves.
Oil, gas, and condensate reserves were discovered in the Mleiha development concession in the Western Desert region. Condensate is a valuable liquid produced in the gas industry. Initial well testing indicated stable oil flows of up to 2,500 barrels per day in the fields where the fresh finds were made.
Eni owns a 38% share in the Mleiha concession, while Lukoil of Russia owns 12% and Egypt’s state-owned Egyptian General Petroleum Corporation owns 50%.
In a statement on the ministry’s website, the Italian company plans to bring in “a quick return on investment by linking the discoveries with existing production facilities to exploit these new discoveries.”
Since Eni discovered the massive Zohr gas field in 2015, Egypt has had a gas bonanza. The discovery sparked a rush by countries in the region to find new gas deposits in the Eastern Mediterranean. The discovery of Zohr by Eni changed Egypt’s fortunes, and it is now a major natural gas exporter.
Eni also announced the discovery of a gas deposit in the Nile Delta, offshore Egypt, last year, which is expected to store up to four trillion cubic feet of gas. After drilling an exploration well named the Nidoco NW-1 in the concession region, Eni confirmed the discovery in the Great Nooros area, which is located in the Abu Madi Development Lease.
Egypt, behind Algeria, is the second-largest gas producer in North Africa, with roughly 1.1 percent of the world’s proven reserves.