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Energean agrees Egypt subsea project

LONDON, January 25, 2021

Energean, a London-based independent E&P company, said that 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/mm BTU, 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 2022andTechnipFMC 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. – TradeArabia News Service
 




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