The NEA/NI development, located in shallow water, offshore Egypt, contains an estimated 39 mmboe of 2P reserves (88% gas) with net working interest production expected to peak at 15 – 20 kboed (88% gas) in 2024. The development leverages existing infrastructure and involves the subsea tieback of four wells to Energean’s North Abu Qir PIII platform. Energean sanctioned the project in January 2021, representing a development period from final investment decision to first gas of 2 years and 2 months.
Mathios Rigas, Chief Executive Officer of Energean, commented:
“Our successful development of first gas at NEA/NI is a good example of our commitment to Egypt and longstanding partnership with the Egyptian Ministry of Petroleum, EGPC and EGAS, creating value for all stakeholders. We are delighted to bring on new production into our East Mediterranean gas-focused portfolio, as well as meeting the needs of Egypt and Egyptians through underwriting energy security with reliable supply that has a lower carbon footprint than alternative sources of domestic energy.”