Continental Focus, International Reach

ENI and El Molla Deny Discovery Reports

Tuesday, July 10, 2018

Media reports are rampant on the massive gas discovery supposedly made by ENI offshore Egypt, but both the company and the Egyptian government are downplaying the reports. And downplaying they should, given that ENI has yet to even spud a well on the acreage.

The Italian firm has denied that it made a massive discovery, estimated by media reports as being nearly three times the size of the Zohr natural gas field, with CEO Claudio Descalzi as telling reporters last week, “There are prospects and new (geological) structures in Egypt but we still haven’t discovered anything,”      .

Egyptian oil minister Tarek El Molla also downplayed the reports saying that seismic studies of the acreage had yet to be completed.

The Egyptian cabinet approved ENI’s exploration plans for the Noor sblock in March and the company plans to begin drilling shortly. It is only after drilling takes place that the industry will know if lightening has indeed struck twice for ENI offshore Egypt.