Agiba Petroleum, together with its shareholders, has successfully completed the fast-track development of the Iris Field, a major hydrocarbon asset in the Egyptian Western Desert.

The discovery made in the Masajid Formation, a Late Cretaceous carbonate reservoir, marks a significant milestone in Agiba’s near-field exploration strategy.

This achievement, made possible by newly acquired state-of-the-art 3D seismic survey technology, was processed in Eni HQ leveraging on cutting-edge proprietary solutions. Data was promptly interpreted through cross-functional approaches by Agiba teams who focused on seismic attributes and reservoir characterization.

Iris Field was immediately connected to the gathering network, achieving an exceptional time-to-market, reinforcing the near-field exploration strategy able to generate quick payback and to demonstrate the efficiency of this approach.

The field is currently being developed through three production wells ensuring a stable output of 8,500 barrels of oil equivalent per day (boe/d) with an upstanding ramp-up in less than four months. An infill drilling campaign is already planned, with additional wells ready to be drilled in the upcoming weeks, identified through seamless integration of exploration and reservoir asset teams.

Iris Field represents a proof of concept for the success of this geological play. Encouragingly, further additional Iris-like prospects have already been identified and are being thoroughly evaluated, highlighting further potential within the asset.