Eni will start exploration drilling at Noor field off North Sinai shore within two months, the oil ministry spokesman Hamdi Abdel Aziz told Reuters.
Commenting on the news about the field’s reserves, Abdel Aziz said that Eni did not disclose the amount of the reserves they expect Noor to contain, but that the exploratory well will help to determine its size.
Eni owns 85% of the concession while the state-owned Tharwa Petroleum owns the other 15%. The concession was acquired after the Egyptian cabinet approved the $105 million deal to explore the Mediterranean shores in March 2018.
Noor’s discovery have stirred speculation as rumours have circulated since mid-June that the field holds 90 trillion cubic feet (tcf) in reserves.
Israeli energy investors are concerned that Noor might inhibit Israeli companies from exporting gas from their offshore Tamar and Leviathan fields, Israeli newspaper Haaretz reported.
Israeli energy stocks fell around 4% on June 27, the day after initial reports suggested that Eni would announce the new discovery of a large gas field.