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Egyptís Noras Field Reveals Large Gas Reserves

Source: www.gulfoilandgas.com 5/11/2016, Location: Egypt

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Eni, following the start of production of the Nidoco North 1X exploration well and the Nidoco North West 4 development well, brought the production of Nooros field, located in Abu Madi West concession, to around 65,000 barrels of oil equivalent per day (around 33,000 net to Eni). This new milestone, achieved in just 10 months after discovery took place in July 2015, further confirms Eni's near field exploration strategy oriented on high-value activities, which, thanks to the existing infrastructures, allows the fast development of the findings.

Nooros' daily production, consisting in approximately 10 million cubic meters of gas and 5,000 barrels of condensates, will provide an important contribution to reduce Egypt gas imports as well as for supplying low cost energy for the countryís development.

The next target for Eni is to increase production up to 140,000 boe per day by the end of 2016, through the drilling of additional wells and facility optimization. In addition, Eni will continue its exploration activities within the license area, where more potential was identified.

Eni, through its subsidiary IEOC, holds a 75% stake in the concession of Abu Madi West, located in the Nile Delta, while BP holds a 25% stake. In the license, operations are being conducted by Petrobel, which is a joint venture between IEOC and the State partner Egyptian General Petroleum Corporation (EGPC).

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