Eni wins Egypt exploration licenses

Italy’s oil and gas company Eni said it has secured five new exploration licenses in Egypt, which could provide additional fuel to the Damietta LNG plant.

Eni won the licenses after Egypt’s international bid round for petroleum exploration and exploitation.

It said in a statement this week it would operate four out of the five awarded licenses.

The licenses are located in the Eastern Mediterranean Sea, Western Desert and Gulf of Suez, placed within prolific basins with petroleum systems that can generate liquid and gaseous hydrocarbons.

Additionally, the licenses can also rely on nearby existing production and processing facilities, the company said.

Eni’s strategy is to keep exploring and producing gas to sustain the Egyptian domestic market and contribute to LNG export, thanks to the recent restart of the Damietta LNG plant, it said.

The plant started exporting LNG again in February last year following a deal between Egypt’s EGPC and EGAS, Eni, and Spain’s Naturgy.

Eni owns 50 percent in SEGAS, the owner of the liquefaction plant, while the Egyptian Natural Gas Holding Company (EGAS) owns 40 percent, and the Egyptian General Petroleum Corporation (EGPC) holds 10 percent.

Eni is currently Egypt’s main producer with equity hydrocarbon production of around 350,000 barrels of oil equivalent per day.

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