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January 22, 2021

Energean makes investment decision on NEA/NI project offshore Egypt

Energean has made the final investment decision (FID) on the North El Amriya and North Idku (NEA/NI) concession subsea tieback project in offshore Egypt.

By Umesh Ellichipuram

Energean has made the final investment decision (FID) on the North El Amriya and North Idku (NEA/NI) concession subsea tieback project in offshore Egypt.

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The NEA concession involves two discovered and appraised gas fields including Yazzi and Python, whereas the NI concession comprises four discovered gas fields, including one of which is readied for development.

Estimated to cost around $235m, the project is planned to commence gas production in the second half of 2022.

The project is expected to have 49 million barrel of oil equivalent (Mboe) of 2P reserves, of which 87% is gas.

It will have a peak production capacity of approximately 90 million standard cubic feet of gas per day (mmscf/d) plus 1,000 barrels a day of condensates, the company said.

Energean also awarded an engineering, procurement, installation, and commissioning (EPIC) contract on the project to TechnipFMC

Energean in a press statement said: “The NEA/NI project is a key one for the Egyptian portfolio, which will provide substantial benefits to the long-term production profile in the country whilst bringing additional cost efficiencies and strategic benefits.

“When Brent prices are above $40/bbl, gas will be sold at $4.6/MMBTU, which is the highest achieved to date for shallow water gas production, offshore Egypt.”

Energean said that the drilling on NEA/NI will form part of the broader Abu Qir campaign to provide synergies on capital expenditure.

Last year, BP commenced gas production from the Qattameya field in the North Damietta concession in the East Nile Delta offshore northern Egypt.

Located in a water depth of 108m, the field is 45km west ‎of the Ha’py platform.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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