Eni's Record Nooros Gas Field Production Drives Total Yield
Zacks Investment Research | Mar 15, 2018 09:40PM ET
Eni SpA (NYSE:E) boosted production at Nooros gas field to 32 million cubic meters per day or about 215,000 barrels of oil equivalent per day (boe/d).
The production level marks the highest in ten decades by an Eni field in Egypt. The level was achieved owing to the commissioning of the NW-7, the 13th well within this field. The production will be boosted when a 14th well, currently under drilling, is brought online by June 2018. This is estimated to boost production to 34 million cubic meters per day or about 230,000 boe/d.
Discovered in July 2015, the Nooros field lies in the Nile Delta offshore area. The field was brought into production within a month of discovery. Currently, Nooros is the leading gas producing field in the company’s Egyptian asset portfolio. It is also an example of the company’s integrated model success. The discovery reflects Eni’s ‘near field’ exploration strategy, which aspires to trace potential additional reserves located nearby to already existing upstream infrastructures.
In the mid-term, Nooros’ development will be escalated following the extension of the development lease that will involve investments, especially the construction of a new pipeline connecting Nooros with the El Gamil onshore treatment plant by year end 2018 and early 2019. These developments will make certain the attainment of above-production level in the mid-term while maximizing recoverable reserves.
The measures will include the commissioning of Baltim SW along with the ramp up of any future exploration potential in the Nile Delta area. Eni holds a 50% stake through its affiliate IEOC Production BV, in Baltim SW, while BP plc (LON:BP) holds the remaining 50%.
Eni holds a 75% stake through its affiliate IEOC Production BV, in the Nile Delta Concession, where Nooros is located, while BP holds the remaining 25%.
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Eni’s shares have gained 3.2% in the last three months against the Original post
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