Eni has discovered gas reserves of up to 15 billion cubic meters in the Nile Delta region of Egypt, according to Reuters, citing the Egyptian oil ministry. Production is set to start in two months.
Eni made the discovery at a depth of 3,600 meters. The discovery was made in Western Abu Madi, located 120 kilometers northeast of Alexandria, where Eni has 75% of exploration rights through an Egyptian subsidiary, and BP has a 25% stake.
Reuters noted that the Egyptian oil ministry agreed to a $2 billion energy exploration deal with Eni in June.