Eni Discovers Significant Gas Reserves Offshore Egypt
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 5 days ago
0mins
Should l Buy E?
Source: seekingalpha
- Major Discovery: Eni announced a significant gas and condensate discovery at the Denise W-1 exploration well in the Temsah concession, with preliminary estimates indicating approximately 2 trillion cubic feet of gas and 130 barrels of associated condensates, greatly enhancing Egypt's gas reserves.
- Development Potential: The discovery is located 70 km offshore in 95 meters of water depth and less than 10 km from existing infrastructure, enabling substantial synergies for fast-tracked development and accelerating production timelines.
- Collaborative Model: Eni operates the Denise development lease with a 50% working interest alongside BP, with operations conducted through Petrobel, Eni's joint venture with Egypt's state-owned oil company EGPC, ensuring smooth project execution.
- Strategic Implications: This discovery not only supports Egypt's goal of boosting gas production but also strengthens Eni's market position in the region, further solidifying its competitiveness in the global energy market.
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Analyst Views on E
Wall Street analysts forecast E stock price to fall
3 Analyst Rating
1 Buy
2 Hold
0 Sell
Moderate Buy
Current: 56.430
Low
17.45
Averages
18.45
High
19.45
Current: 56.430
Low
17.45
Averages
18.45
High
19.45
About E
Eni SpA (Eni) is an Italy-based company engaged in the exploration, development and production of hydrocarbons, in the supply and marketing of gas, liquefied natural gas (LNG) and power, in the refining and marketing of petroleum products, in the production and marketing of basic petrochemicals, plastics and elastomers and in commodity trading. The Company's segments include Exploration & Production, Gas & Power, and Refining & Marketing. Its Exploration & Production segment engages in oil and natural gas exploration and field development and production, as well as LNG operations in over 40 countries, including Italy, Libya, Egypt, Norway, the United Kingdom, Angola, Congo, Nigeria, the United States, Kazakhstan, Algeria, Australia, Venezuela, Iraq, Ghana and Mozambique. Its Gas & Power segment engages in supply, trading and marketing of gas, LNG and electricity, international gas transport activities and commodity trading and derivatives.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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