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Eni to begin gas exploration at Egypt Noor field in two months

CAIRO

Reuters

Italian oil company Eni will begin drilling an exploratory well at its Noor field in Egypt’s North Sinai in two months, Egyptian oil ministry spokesman Hamdi Abel Aziz told Reuters on Thursday.

Egypt’s cabinet approved the $105 million deal to explore the North Sinai region of the Mediterranean Sea in March.

Eni’s discovery of the giant Mediterranean gas field Zohr in 2015, estimated to hold about 30 trillion cubic feet of gas, has raised interest in gas exploration in Egypt.

The company has not said what level of reserves they expect Noor to contain, and the exploratory well will help to begin determine that, Abdelaziz said. 

Την ίδια στιγμή στο Ισραήλ :

Buzz of Big Egyptian Gas Find Belatedly Sends Israeli Energy Shares Tumbling

A  report that an Italian energy giant is teaming up with Egypt to explore a large undersea gas field in the Mediterranean, published Saturday on the Egypt Independent  website sent Israeli Egypt shares sharply lower on Wednesday.

Israeli "gas shares" were down about 4 percent on the Tel Aviv Stock Exchange in mid-day trading.

The report originated with sources from Egypt's Ministry of Oil saying on Saturday that the ministry broached exploration plans for Noor, a gas field in the submarine concession Shorok, with the Italian multinational company Eni.

With an estimated 2.5 trillion cubic meters of gas, Noor may be among the world's largest gas fields, the site reported.

Even before the Egypt Independent report on Noor, a company named Mubadala Petroleum, part of Abu Dhabi's sovereign fund Mubadala Development, acquired a 10% stake in Shorok, which aside from Noor, has a second gas field, Zohr.