(Alliance News) - Rome-based Eni SpA and London-based BP PLC on Wednesday announced a new gas discovery in the Great Nooros area, located in the Abu Madi west development lease, offshore Egypt.
Eni, through its subsidiary IEOC, holds a 75% stake in the license of Abu Madi, while BP holds the remaining 25% stake. The operator is Petrobel, an equal joint venture between IEOC and state company Egyptian General Petroleum Corp.
The oil and gas companies said the new discovery is located in 16 meters of water depth, 5 kilometres from the coast and 4 kilometres north from the Nooros field, discovered in July 2015.
The preliminary evaluation of the well results, together with the recent discoveries performed in the area, indicates that the Great Nooros area gas in place can be estimated in excess of 4 trillion cubic feet.
Eni said it, together with its partner BP, and in coordination with the Egyptian Petroleum Sector, will begin screening the development options of this new discovery.
Eni shares were trading 1.1% higher in Milan on Wednesday at EUR7.69 each, while BP shares were down 0.3% in London at 258.25 pence each.