Egypt’s $1.8B drilling spree led by Eni

Eni, the Italian multinational energy company, marked a significant milestone on 10 October as it initiated drilling operations for the Orion-1X exploration well in the Northeast Ha’py exploration license, situated in the offshore Nile Delta. The Saipem Santorini drillship, equipped with state-of-the-art technology and expertise, is currently engaged in operations in a challenging water depth of 730 metres. This endeavor is part of Egypt’s ambitious plan to propel its energy sector forward by drilling up to 35 new gas exploration and development wells in the East Mediterranean, offshore Egypt, within the next two years.

The Orion-1X well is a crucial component of this strategic initiative, targeting a Cretaceous four-way dip structure with immense potential. Preliminary assessments suggest that the prospect holds an estimated 10 trillion cubic feet (Tcf) of natural gas and 400 million barrels (MMbbl) of valuable liquids, solidifying its status as a highly prospective asset.