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 (pdf) ahead of the drilling. Petrobel is a 50/50 joint venture between Eni and the Egyptian General Petroleum Company (EGPC).

CHEVRON WANTS MORE EAST MED EXPLORATION-

Energy major Chevron is looking for a drilling vessel to explore for more natural gas off Cyprus, Egypt, and Israel to help fulfill increasing demand for energy in Europe and the region, Reuters reports, citing two unnamed sources. The company reportedly issued a tender to lease the vessel starting in 2024.

REMEMBER- Chevron is expanding in the region: The company is working to exploit Cyprus’ Aphrodite field with its partners Shell and Israel’s NewMed Energy, with plans to export much of that gas to Egypt for liquefaction. Chevron and Eni also announced a significant discovery in the eastern Mediterranean in January.The gas deposit has been said to hold 3.5 ton cubic feet of natural gas though we’re still waiting on the companies and the Oil Ministry to confirm its size.

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