Eni (E) Steps Up Oil Production In Egypt's Nooros Field
Zacks Investment Research | Sep 12, 2016 10:38PM ET
Italian major Eni SpA (TO:E) recently announced that it has enhanced production from the Nooros field in Egypt.
The company has attained an output of 128,000 barrels of oil equivalent per day (boed) in just 13 months after its discovery. Currently, the field is producing oil from seven wells. Notably, the company plans to drill additional wells to further augment production. In fact, the field is anticipated to reach its maximum production capacity of about 160,000 boed in the spring of 2017.
Nooros field, which was discovered in Jul 2015 in the Nile Delta offshore, was brought online in September of the same year.
Eni with its consolidated subsidiaries is engaged in oil and gas, electricity generation, petrochemicals, oilfield services and engineering industries. The company’s major business segments are Exploration and Production (E&P), Gas and Power, and Refining and Marketing.
The company conducts its major E&P activities for hydrocarbons. Eni operates these activities out of Italy, Croatia, North Africa, West Africa, the North Sea, the Gulf of Mexico, the Middle and Far East, the Caspian Sea, Australia and Latin America.
ENI (MI:ENI) SPA-ADR Price
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