Eni wins five new oil and gas exploration blocks in Egypt

Italian oil and gas company Eni said on Tuesday it has been awarded five new exploration licences by the Egyptian Ministry of Petroleum in the Eastern Mediterranean Sea, Western Desert, and Gulf of Suez.

The licenses four of which are in the Egyptian offshore as well as onshore, and follow Eni’s successful participation in the competitive “Egypt International Bid Round for Petroleum Exploration and Exploitation” announced by the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company last year.

“The licenses are located in the Eastern Mediterranean Sea (Block EGY-MED-E5 in partnership with BP and Block EGY-MED-E6 IEOC), in the Gulf of Suez (Block EGY-GOS-13 IEOC) and in the Western Desert, with a total acreage of about 8,410 sq km,” the company said in a statement.

According to Eni, the licenses are placed within prolific basins with proven petroleum systems that are able to generate liquid and gaseous hydrocarbons. They can also rely on nearby existing producing and processing facilities and on a demanding market that will allow a quick valorisation of the potential exploration discoveries.

Eni, which has been present in Egypt since 1954, is currently the country’s main producer with equity hydrocarbon production of around 350,000 barrels of oil equivalent per day.

The bid results are aligned with Eni’s strategy to keep exploring and producing gas to sustain the Egyptian domestic market and contribute to LNG export, thanks to the recent restart of the Damietta LNG plant, the company said.