Eni Strikes Huge Discovery in Nile Delta

Italy’s oil and gas company Eni has discovered gas reserves of up to 15bn cubic meters in the Egyptian Nile Delta, Reuters reported.

The discovery was made in Western Abu Madi, 120 km northeast of Alexandria, with production set to start in two months.

Eni, which signed a $2bn deal with Egypt’s oil ministry in June, holds 75% of exploration rights through an Egyptian subsidiary, while BP owns the remaining 25% stake.

The gas was discovered at a depth of 3,600m with initial estimates indicating reserves of up to 15bn cubic meters of natural gas and natural gas condensate, according to a statement by the Egyptian oil ministry.

Eni’s production in Egypt tops 180,000 barrels of oil equivalent per day.


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