Eni wins five exploration licenses in Egypt

Italian oil and gas giant Eni has won five exploration licenses granted by the Egyptian oil ministry, including four as operator, in the Egyptian onshore and offshore, after the "Egypt International Bid Round for Petroleum Exploration and Exploitation" 2021 previously announced by the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company through the Egypt Exploration and Production Gateway. The announcement was made in a statement Monday by the Italian energy group which explained that the licenses are in the eastern Mediterranean (Block "EGY-MED-E5" in partnership with BP 50%-50% and Block "EGY-MED-E6" IEOC 100%), in the Suez Gulf (Block "EGY GOS-13" IEOC 100%) and in the western desert (Blocks "Egy-WD- 7" in partnership with APEX 50%-50% and "EGY-WD-9" IEOC 100%) with a total surface of 8,410 square kilometers.

The licenses, continued Eni, "are placed within prolific basins with proven oil systems able to generate liquid and gaseous hydrocarbons and can also rely on nearby existing producing and processing facilities and on a demanding market that will allow the rapid valorization of the potential exploration discoveries". These results, the statement also said, "are in line with Eni's strategy to continue to explore and produce gas to support the internal Egyptian market and contribute to the exports of LNG thanks to the recent restart of the Damietta LNG plant". Eni has been present in Egypt since 1954, where it is currently the main producer in the country of equity hydrocarbons for some 350,000 barrels of oil equivalent per day.