Italian giant ENI has reported that cumulative oil production of AGIBA, the operating joint venture company between its subsidiary IEOC Production BV and Egyptian General Petroleum Corporation (EGPC), reached 500Million barrels in mid March 2018.
AGIBA has been active since 1981 with operations mainly focused in Egypt’s Western Desert Area.
With recent development of a number of new discoveries such as Rosa North, Emry Deep and Melehia West Deep within existing conventional asset, AGIBA, leveraging on its operated infrastructures “has been able to produce and valorize oil resources amounting to around 110 MMbbls in the last five years, thus reaching the target of 500 MMbbls as oil cumulative production”, the company says in a release on its website.
“This achievement confirms the success of ENI’s strategy to focus on exploration activities which offer high value and quick development within a mature environment by optimising traditional drilling/infilling campaign and the synergies with existing upstream infrastructure and national hydrocarbons export network”, ENI explains.
The Italian payer, on a n aggressive campaign across Africa, says it plans new exploration investments in Egypt in the next four years “to valorize the deep oil potential and the gas resources of the Melehia Concession”.
ENI has equity production of more than 250.000 barrels of oil equivalent per day in North Africa’s largest economy.