By Toyin Akinosho
Energean’s Final Investment Decision on the NEA/NI project in Egypt, calls for a $235Million spend to deliver natural gas at 90Million standard cubic feet per day at peak.
TechnipFMC has been awarded the EPIC contract to deliver the project.
Energean Plc is a London listed firm with focus on the Mediterranean.
NEA/NI refers to North El Amriya and North Idku concessions, which are, though not contiguous, being jointly developed. The project is a shallow offshore subsea tieback.
The NEA concession contains two discovered and appraised gas fields (Yazzi and Python) while the NI concession contains four discovered gas fields, one of which is readied for development.
NEA/NI, with 49Million Barrels of Oil Equivalent (BOE) of 2P reserves, 87% of which is gas, is due to deliver first gas in the second half of 2022. Some 1,000Barrels per day of condensate will also be produced.
“When Brent prices are above $40/bbl, gas will be sold at $4.6/MMBTU, which is the highest achieved to date for shallow water gas production, offshore Egypt”, Energean says in a statement.