Eni And BP Upgrade Potential Of Baltim South West In Egypt
Zacks Investment Research | Sep 23, 2016 12:56AM ET
Italy’s oil behemoth, Eni SpA (TO:E) recently announced that it, along with supermajor BP plc (NYSE:BP) , now expect higher field potential of the Baltim field in the East Nile Delta, off Egypt, after striking additional gas with the latest well drilled on the project.
The field potential of Baltim South West has been augmented to 1 trillion cubic feet (tcf) of gas in place, subsequent to the results of the appraisal well Baltim South West 2X, which was drilled immediately after the successful drilling of the discovery well Baltim South West 1X.
Located in the conventional waters of the Nile Delta, the Baltim South West field lies in water depth of 25 meters, 12 kilometers away from the coastline. It is about 10 kilometers away from the Nooros field, which was discovered in Jul 2015 and has already been brought online.
The Baltim South West 2X well hit a gas column of 102 meters in total, of which 86 meters net, in two sand layers of messinian age with excellent reservoirs.
With the drilling of this new well, the gas potential of this Nooros Area has touched 3 tcf of gas in place. Of this, about 2 tcf are in the Nooros field, while the remaining are in the new independent discovery of Baltim South West. Eni and its partner BP are already engaged in the development options for this new discovery.
ENI (MI:ENI) SPA-ADR Price
Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.