Eni Shows Its Faith In Egyptian Deepwater

Eni has snapped up two key Egypt deepwater blocks.It is now the leading player deepwater East Med.

Eni this week announced it has been awarded two of the key deepwater gas-prone blocks on offer in a tender from Egyptian state firm Egyptian Natural Gas Holding Company (EGAS) late last year, as well as a block in the Western Desert offered in a simultaneous Egyptian General Petroleum Corporation (EGPC) bid round.

EGAS has now awarded three of the four deepwater blocks on offer – Italy’s Edison and Irish partner Petroceltic snapped up the North Port Fouad block last week (MEES, 19 September). These four blocks, together with the Shorouk block that Eni took in April last year, comprise the bulk of Shell’s former giant NEMED concession. Shell discovered gas here but quit in 2011 saying development was uneconomic. (CONTINUED - 448 WORDS)