Eni announces that today AGIBA, the operating joint venture between the subsidiary of Eni IEOC and the state company Egyptian General Petroleum Corporation (EGPC), has achieved a cumulative oil production of 500 million barrels.
AGIBA has been operational since 1981 and has operations mainly focused on Eni's oil and gas concessions located in the Western Desert area in Egypt, where the recent commitment to new exploration and development activities has led to unprecedented results.
In particular, thanks to the development of a series of new discoveries such as Rosa North, Emry Deep and Melehia West Deep among the current conventional assets, AGIBA has been able to produce and exploit oil resources equal to about 110 MMbbls in the last 5 years, exploiting its infrastructures operated, thus reaching the target of 500 million barrels of oil of cumulative production.
This result, achieved with the full support of the Egyptian oil sector, confirms the success of Eni's strategy to focus on exploration activities that offer high value and rapid development even in a mature environment thanks to the optimization of traditional drilling campaigns and synergies. with the existing infrastructure and the national hydrocarbon export network.
Eni is planning new explorative investments in the next four years that are aimed at enhancing the deep oil exploration potential and the gas resources of the Melehia concession.
Eni is present in Egypt from 1954 and is the main producer in the country with an equity production of over 250.000 barrels of oil equivalent per day.