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Xinhua Silk Road
CLASS

Eni, good results from the activities in Kazakhstan and Egypt

September 19, 2020


Abstract : Despite the crisis due to COVID-19, the oil production in the country has increased. The Minister of Energy of Nur-Sultan has released data on the January-August period concerning the Kashagan, Karachaganak and Tengiz oil fields. In Egypt, a new a big gas field has been discovered.

MILAN, Sept 16 (Class Editori) –Good news for Eni coming from two advanced fronts along the new Energy Silk Road, namely Kazakhstan and Egypt. Kashagan, the super-giant oil field in the Kazakhstan offshore is finally beginning to repay the efforts of Eni and the other partners of the NCOC consortium. According to the data released by the Kazakh authorities, the production, together with the one of the other oil field developed by Eni, Karachaganak, and with that of Tengiz (Chevron-Exxon) will exceed the targets of 2019, be reaching the threshold of 85.2 million tons.

The amount could be even higher, because in January and August the three oil fields had already produced 58.3 million tons, compared to the 52.23 million tons of the same period of 2019. In July, Kazakhstan had raised the alarm due to a fall in production by about 1.4%, notifying the loss of almost 3.8 billion dollars in export revenues, due to both the COVID-19 crisis and the OPEC cuts. In August, however, everything came back to normal. Kashagan, in particular, reached the threshold of 10 million tons between January and August, from 7.2 million recorded last year.

The Kazakh Ministerof Energy- NurlanNogayev- is expecting that by the end of the year they will have reached a volume equal to 67.5 million tons. Total investments in the three fieldswould have reached almost $50 billion according to the esteems which come from Nur-Sultan, as the Astana capital is now called.

In Egypt, the group guided by Claudio Descalzi has announced a new gas discovery in the “Great Nooros Area”, in the conventional waters of the Nile Delta. The new deposit, which has been discovered through a Nidoco NW-1 exploratory well, is located 16 metres beneath the sea level, 5 km away from the coast and 4 km northernfrom theNooros field.

The preliminary assessments of the well, which consider the northern extension of the reservoir, the dynamic behaviour of the Nooros field, the new discovered levels as well as the neighbouring discoveries recently announced, make the esteems concerning the gas located in the "Great Nooros Area" reach about 120 billion cubic metres.

Eni, together with BP partner and in coordination with the Egyptian Petroleum Sector, will launch the development options of the new discovery by benefiting from the cooperation with the infrastructures already active in the area. Eni, through its subsidiary in Egypt IEOC, holds a shareholding of 75% in the Abu Madi West concession, while BP holds the remaining 25%. The licence is implemented by Petrobel, an equal joint venture between IEOC and the State-owned Egyptian company, General Petroleum Corporation (EGPC).

(Source:Class Editori)

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