by Valerie Jones
Friday, February 15, 2019
Eni is being granted two onshore blocks further strengthening its position in Egypt.
Italian oil and gas company Eni S.p.A. has secured two exploration blocks onshore Egypt, the company announced Friday.
Eni was granted the blocks by Egyptian authorities: “South East Siwa” (Eni: 100 percent) and “West Sherbean” (Eni: 50 percent, operator; BP: 50 percent).
South East Siwa, located in the Western Desert, was assigned within the EGPC 2018 competitive bid round and has an acreage of 1163.32 square miles (3,013 square kilometers).
West Sherbean, located onshore Nile Delta, was assigned within the EGAS 2018 competitive bid round and close to a new block that spans 592.67 square miles (1,535 square kilometers).
The concessions further strengthen Eni’s position in Egypt.
Eni also announced Friday its fourth quarter 2018 and full-year 2018 financial results. Eni more than doubled its operating profit for the entire year.
Eni CEO Claudio Descalzi commented, “2018 was a strong year for Eni both financially and operationally, which was characterized by a robust fourth quarter performance … we doubled operating and net profit, while the price of Brent averaged 25 percent higher than 2017 in euro terms.”
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