Italy’s gas explorer Eni announces gas discovery in Egypt

Italy’s gas largest gas explorer Eni has reported a gas discovery in Egypt Nile Delta Abu Madi West which is located 120 Kilometres in the Northwest of Alexandria in Egypt.
According to the company the preliminary reports estimate that the gas discovery in Egypt has the potential of producing up to 15B cubic metres of gas at a time with upside and also at an associated condensates.
The announced discovery was made by the Nidoco NW2 Dir NFW well, which reached a total depth of 3,600 m and encountered a 60-m thick gas bearing sandstone interval of Messianian age with excellent petrophysical properties, further of other gas layers in the overlying Pliocene section.
Egypt has been struggling with producing efficient energy and the gas discovery in Egypt will help stabilise the countrys energy needs in a few months of exploration .
Eni, through its subsidiary Ieoc Production BV, holds a 75% of working interest in the West Abu Madi development lease, with BP as a partner with 25%. Petrobel, equally owned by Ieoc (50%) and EGPC (50%), is the operator of the concession.
The company is an Italian multinational oil and gas company headquartered in Rome. It has operations in 79 countries, and is currently world’s 11th largest industrial company with a market capitalization of 68 billion euros, as of August 14, 2013