Published On: Thu, Sep 10th, 2015

Eni CEO: Egypt gas find could be much bigger

Eni believes there is another reservoir with oil or condensate below the one discovered.

Leviathan Gas

Eni value per share on Wednesday reached €15.2 after CEO, Claudio Descalzi, announced that he expected investments worth $6 billion to $10 billion for the development of Shorouk (Zohr) natural gas field in the Mediterranean Sea off of Egypt.

Claudio Descalzi told the Italian Senate that “The estimates we published for the huge gas reservoir discovered in Egypt were very conservative. It could be much bigger. We’ll know that only after we begin exploratory drilling.” Adding, “Exporting gas from the reservoir is possible, but we’ll have to wait and see how it develops.”

A prominent official in the Egyptian Natural Gas Holding Company (EGAS) told daily news egypt that three wells in the Noras field will start production this year. One of the wells will start production this month, while the second will be activated next December. Sixty million cubic feet of natural gas per day were added to Egypt’s production through the first well in the field last month.

The official added that the total production of the three wells will amount to about 300m cubic feet of gas daily, which contributes to compensating for the natural decline of the fields’ productivity in Egypt.

 

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