First Gas from NEA / NI

Source Press Release
Company Energean plc 
Tags Reserve Update, Production/Development, Upstream Activities
Date March 09, 2023

Energean plc (LSE: ENOG, TASE: אנאג) is pleased to confirm that first gas has been safely delivered at North El Amriya and North Idku ("NEA/NI"), offshore Egypt.

Highlights:

·      Gas is being produced from the NEA#6 well.

·      The remaining three wells are expected to be brought online over the course of 2023

The NEA/NI development, located in shallow water, offshore Egypt, contains an estimated 39 mmboe[1] of 2P reserves (88% gas) with net working interest production expected to peak at 15 - 20 kboed (88% gas) in 2024. 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.

Mathios Rigas, Chief Executive Officer of Energean, commented:

"Our successful development of first gas at NEA/NI is a good example of our commitment to Egypt and longstanding partnership with the Egyptian Ministry of Petroleum, EGPC and  EGAS, creating value for all stakeholders. 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."

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd