Eni, Tharwa to end digging at Noor Field in December: Sources

09 Oct 2018

CAIRO – 8 October 2018: Italian Company Eni and Egyptian Tharwa Company are expected to finish digging the first exploratory well in Noor Field in Northern Sinai before the end of next December, an official source at the petroleum sector revealed.

The source added that the Italian company started digging in the last week of September, noting that the digging process will not take more than two months.

In August, Minister of Petroleum and Mineral Resources Tarek el-Molla signed an oil agreement with Egyptian Natural Gas Holding Company (Egas), Tharwa Petroleum Company and Italian Company Eni in Noor marine area in the Mediterranean Sea to drill two wells with a total investment of $105 million.

Egypt has recently signed several oil agreements for the exploration of oil and gas in several areas, including the Mediterranean, Western desert, Nile Delta and the Gulf of Suez.

The number of signed petroleum agreements reached 88 new agreements since 2014 and the authority is working on signing 13 new agreements.

In fiscal year 2018/2019, the targeted investments in petroleum sector are estimated at LE 145.6 billion ($8.12 billion), marking 15.5 percent of the total investments of the year.
Natural gas investments represent 91 percent of petroleum investments which amount to LE 132.8 billion.

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