Energean Announces NEA/NI Final Investment Decision

Source: www.oilegypt.com 1/21/2021, Location: Africa

Energean plc is pleased to announce that Final Investment Decision has been taken on the North El Amriya and North Idku (“NEA/NI”) concession subsea tieback project in offshore Egypt. The NEA concession contains two discovered and appraised gas fields (Yazzi and Python) while the NI concession contains four discovered gas fields, one of which is readied for development. NEA/NI is due to deliver first gas in 2H 2022 with 49 million boe of 2P reserves, 87% of which is gas and peak production is expected to be approximately 90 mmscf/d plus 1 kbopd of condensates.

The NEA/NI project is a key one for the Egyptian portfolio which will provide substantial benefits to the long-term production profile in the country, whilst bringing additional cost efficiencies and strategic benefits. When Brent prices are above $40/bbl, gas will be sold at $4.6/mmBTU, which is the highest achieved to date for shallow water gas production, offshore Egypt.

Total capital expenditure is expected to be approximately $235 million, the majority of which is expected to be incurred in 2022 and TechnipFMC has been awarded the EPIC contract to deliver the project.

The NEA/NI drilling campaign is expected to be integrated with a broader Abu Qir drilling campaign, providing synergies on capital expenditure.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects


Algeria >>  5/26/2022 - The Chairman of SONATRACH, Toufik Hakkar, and Eni CEO, Claudio Descalzi, signed a Memorandum of Understanding (MoU) in Rome aimed at accelerating the ...
Norway >>  5/25/2022 - Equinor and Halten East partners Vår Energi, Spirit Energy and Petoro have decided to invest about NOK 9 billion in the development of the area neighb...

United States >>  5/17/2022 - TotalEnergies, through its affiliate TotalEnergies E&P USA, Inc., announces the sanction of the Ballymore development, located 120 kilometers off the ...
Iran >>  5/15/2022 - The CEO of the National Iranian Oil ?Company (NIOC) here announced that a 7.5-?billion-dollar contract on the development of joint fields ?will be soo...

Nigeria >>  5/10/2022 - San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, notes the announcement made yesterday by Dec...
Norway >>  5/9/2022 - ConocoPhillips Skandinavia AS, operator of the Greater Ekofisk Area together with our license partners, submitted a plan for development and operation...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.