Eni has made a new oil discovery, in Meleiha Concession, in the Western Desert of Egypt, the company said on Dec. 23.
The discovery was achieved through the Arcadia 9 well, drilled on the Arcadia South structure, which is located 1.5 km south of the main Arcadia field already in production. The well encountered 85 feet of oil column in the Cretaceous sandstones of the Alam El Bueib 3G formation. The well has been drilled close to existing production facilities and is already tied-in to production, with a stabilized rate of 5,500 barrels per day (bbl/d) of oil.
Following the discovery, two development wells, Arcadia 10 and Arcadia 11, have been drilled back to back. The first one encountered 25 ft of oil column and the second one 80 ft, within the Alam El Bueib 3G formation. The three wells share the same oil-water contact in the discovered reservoir. Arcadia 11 also encountered 20 ft of oil pay in the overlying Alam El Bueib 3D formation.
The new discovery adds 10,000 bbl/d of oil to Eni’s gross production in the Western Desert of Egypt.
Eni’s successful implementation of its infrastructure-led exploration strategy in the Western Desert through AGIBA, a joint venture between Eni and Egyptian General Petroleum Corp. (EGPC), allows a quick valorization of these new resources.
Eni, through its subsidiary Ieoc, holds a 38% interest in the Meleiha concession while Lukoil holds a 12% and EGPC a 50% interest.
Eni has been present in Egypt since 1954 where it is the country’s main producer. Eni's current equity hydrocarbon production is around 320,000 barrels of oil equivalent per day.
Recommended Reading
Midstream Operators See Strong NGL Performance in Q4
2024-02-20 - Export demand drives a record fourth quarter as companies including Enterprise Products Partners, MPLX and Williams look to expand in the NGL market.
Targa Resources Forecasts Rising Profits on 2024 Exports
2024-02-20 - Midstream company Targa Resources reports a record fourth quarter in volumes and NGL fractionation.
Pembina Pipeline Enters Ethane-Supply Agreement, Slow Walks LNG Project
2024-02-26 - Canadian midstream company Pembina Pipeline also said it would hold off on new LNG terminal decision in a fourth quarter earnings call.
Enbridge Sells Off NGL Pipeline, Assets to Pembina for $2.9B
2024-04-01 - With its deal to buy Enbridge’s NGL assets closed, Canada's Pembina Pipeline raised EBITDA guidance for 2024.
Kinetik Holdings Enters Agreement to Pay Debt
2024-04-04 - Kinetik Holdings entered an agreement with PNC Bank to pay down outstanding debt.