(3 minutes read)
· Italian company Eni, which specializes in exploration and energy has discovered a new oil well in Egypt’s Western Desert
· The new oil find will increase the production capacity in the Maliha concession area by 10,000 barrels of oil per day
Italian company Eni, which specializes in exploration and energy has discovered a new oil well in Egypt’s Western Desert. The new oil find will increase the production capacity in the Maliha concession area by 10,000 barrels of oil per day.
The oil well is in the Maliha concession in the main southern Arcadia base, located 1.5 kilometers south of the main Arcadia field under production.
Two wells were drilled for development after the discovery: Arcadia 10 and Arcadia 11. The two wells share the same proportion between oil and water in the discovered reservoir, Arcadia 9.
The Maliha concession is a IEOC subsidiary of Eni with a 38 percent stake, a 12 percent stake for Lukoil and 50 percent for the General Petroleum Corporation. Eni is a major producer of oil and gas in Egypt; with a current production rate of hydrocarbons around 320,000 barrels of oil equivalent per day.
Eni as a strategic partner for Egypt in the petrochemicals sector. The cooperation between Italy and Egypt was set to grow. There are many upcoming projects with Eni. Egypt is considering Italy as the gateway to Europe. Earlier this month Eni reached agreements with its partners to restart the LNG terminal in Damietta, Egypt, through an amicable settlement of the pending disputes between Union Fenosa Gas and the Spanish Egyptian Gas Company. It will pave the way for the operation of the Damietta natural gas plant by the first quarter of 2021.
In summer 2019, Eni announced an oil discovery represented in the field and began production in mid-2019 with a total capacity of 12,000 barrels of oil per day. The company’s operations in Egypt date back to 1984.
