Energean confirms delivery of first gas in Egypt development

(Alliance News) - Energean PLC said on Thursday that first gas has been delivered successfully at North El Amriya and North Idku offshore Egypt.

Energean, a London-based hydrocarbon exploration and production company, said gas is being produced from the NEA well.

The NEA and NI development, located in shallow water off the coast of Egypt, contains an expected 39 million barrels of oil equivalent of 2P reserves, of which 88% is gas. The net working interest production is expected to peak at 15-20 thousand barrels of oil equivalent per day, of which 88% is gas, in 2024.

The firm said that the development leverages existing infrastructure and involves the subsea tieback of four wells to Energean's North Abu Qir PIII platform.

Energean sanctioned the project in January 2021, representing a development period from final investment decision to first gas of 2 years and 2 months.

Chief Executive Officer Mathios Rigas, said: "We are delighted to bring on new production into our East Mediterranean gas-focused portfolio, as well as meeting the needs of Egypt and Egyptians through underwriting energy security with reliable supply that has a lower carbon footprint than alternative sources of domestic energy."

Shares were down 1.7% at 1,225.00 pence in London on Thursday afternoon.

By Sabrina Penty; Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Energean Oil & Gas