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Eni declares 2nd oil prospect in onshore Egyptian basin

July 10, 2018/ 15:13

Rome. Italy-based multinational energy company Eni announced a second light oil discovery on Monday on the B1-X exploration prospect located on the South West Meleiha license in the Egyptian Western Desert, 130 kilometers north of the oasis of Siwa.

The well is the second drilled by Eni to explore the deep geological sequences of the Faghur Basin, the company announced in a press release.

"SWM B1-X has been drilled seven kilometers away from the first discovery, SWM A2-X, to a total depth of 4,523 meters and encountered 35 meters net of light oil in the Paleozoic sandstones of Dessouky Formation of Carboniferous age and in the Alam El Bueib sandstones of Cretaceous Age," the press release read.

The well opened for production in the Dessouky sandstones and delivered 5,130 barrels of oil per day of light oil with a gravity of 37° API, the press release said.

The API, an acronym of American Petroleum Institute, is used to classify gravity of oils as light, medium, heavy, or extra heavy. As the “weight” of an oil is the largest determinant of its market value. Oil over 31.1° API is considered to be good quality light oil, informs Anadolu.

According to Eni's statement, the discovery on the B-1X confirms the high exploration and production potential of deep geological sequences of the Faghur Basin. Consequently, in the near term, the company plans drilling of other exploratory prospects located near the A2-X and B-1X discoveries to consolidate what could result in a new productive area for Eni in Egypt.

Eni, through its subsidiary the International Egyptian Oil Company (IEOC), holds a 100 percent stake in the South West Meleiha license. IEOC through its operating company Agiba, which is equally held by IEOC and the Egyptian General Petroleum Corporation, currently produces 55,000 barrels of oil equivalent per day from the Egyptian Western Desert.

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