Italian multinational Eni has won five new exploration licenses in Egypt’s Eastern Mediterranean Sea (Blocks EGY-MED-E5 and EGY-MED-EG6), Gulf of Suez (EGY-GOS-13) and Western Desert (Blocks EGY-WD-7 and EGY-WD-9).
Spanning approximately 8,410 km², the licenses were awarded by the Ministry of Petroleum and Mineral Resources as part of Egypt’s International Bid Round for Petroleum Exploration and Exploitation, which launched 24 on- and offshore blocks for tender and concluded last August.
“The licenses are placed within prolific basins with proved petroleum 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 a quick valorization of the potential exploration discoveries,” Eni released in a statement.
The oil and gas supermajor is currently pursuing an integrated, gas-focused development strategy in Egypt and the East Mediterranean at-large, seeking to supply gas to the burgeoning Egyptian domestic market, facilitate LNG exports to the wider region and increase volumes and flexibility of its portfolio. Eni will operate four of the five awarded licenses.
