Energean Oil & Gas is seeking to finalise the latest procedures for the acquisition of oil and gas assets owned by Italian company Edison in Egypt soon.
Energean’s CEO Mathios Rigas stated that the company is now focusing on completing the closure of the acquisition of Italian Edison exploration and production company, in parallel with its progress in the recently discovered North Karish field.
He pointed out that Energian seeks to invest in the oil and gas sector in Egypt for its attractiveness and promising opportunities in the energy sector, in light of the economic reform measures encouraging foreign investment. This comes at a time when there are many recent gas discoveries made in the deep waters of the Mediterranean.
The company recently successfully assessed the discovery of North Karish, with estimates of recoverable resources of 0.9trn cubic feet (scf) (25bn cubic meters) as well as 34m barrels of light/condensate oil. This discovery greatly enhances the volume of its resources discovered through the Karish and Tanin fields.
Best estimate of gas initially in place is 1.3trn cubic feet (Tcf) versus a pre-drill estimate of 1.0-1.5 Tcf.
Volumes are incremental to the 2.4 Tcf (68 BCM) and 33m barrels of light oil / condensate discovered resources that Energean already has in its Karish and Tanin leases.
Rigas said that this is an excellent result from the Karish North appraisal side track, confirming in place volumes at the top half of pre-drill estimates and increasing our recoverable volumes in Israel by 0.9 Tcf (25 BCM) of gas plus 34m barrels of light oil or condensate.
“Today’s news delivers upon another commitment that we had made to our shareholders. These successful results allow us to continue our gas marketing efforts in the region with a goal to fully utilise the capacity of our 8 BCMA FPSO. Our focus now remains on closing the Edison E&P acquisition, in parallel with progressing Karish development,” he added.