23 SEPTEMBER, 2018
CAIRO - Italy's Eni and Egypt's Tharwa Petroleum will drill the first exploratory oil well in northern Sinai's offshore Noor field next week, an official at Egypt's gas company EGAS said on Thursday.
Egypt's cabinet approved in March a $105 million deal to explore the North Sinai region of the Mediterranean Sea. Tharwa Petroleum, which holds a 15% stake in Noor.
Expectations are high: Eni, which holds an 85% stake in the field, denied in recent months reports claiming that it had discovered 90 tcf of reserves there, or 3x as much as the supergiant Zohr field. The company signed two other agreements with the government last month for exploration in the Nile Delta and Western Desert.
CAIRO - Italy's Eni and Egypt's Tharwa Petroleum will drill the first exploratory oil well in northern Sinai's offshore Noor field next week, an official at Egypt's gas company EGAS said on Thursday.
Egypt's cabinet approved in March a $105 million deal to explore the North Sinai region of the Mediterranean Sea. Tharwa Petroleum, which holds a 15% stake in Noor.
Expectations are high: Eni, which holds an 85% stake in the field, denied in recent months reports claiming that it had discovered 90 tcf of reserves there, or 3x as much as the supergiant Zohr field. The company signed two other agreements with the government last month for exploration in the Nile Delta and Western Desert.
