Eni prepare to drill new Mediterranean exploration well at North East Hap’y concession

Eni is preparing to start drilling an exploration well at its Mediterranean North East Hap’y concession in September, Al Mal reports, citing anonymous industry sources. One of the company’s operating companies in Egypt, the Belayim Petroleum Company (Petrobel),will handle the drilling of the Orion X1 well, which is expected to cost USD 130 mn, the newspaper’s sources say.

Eni + Energean own the concession: The well is situated in the North East Hap’y concession, which is 70% owned by Eni and 30% by London-headquartered oil and gas company Energean, which is looking to farm down 12% of its interest ahead of the drilling. Petrobel is a 50/50 joint venture between Eni and the Egyptian General Petroleum Company (EGPC).

(Source: Enterprise News)