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FINANCIAL NEWS
Eni makes a significant oil discovery in Egypt
26 May 2012
(MENAFN) Eni, 30 percent owned to the Italian government, made a major discovery of oil in the Western Desert of Egypt, UPI reported.
The oil and gas firm said it found more than 250 feet of net oil pay during drilling operations at its Emry Deep 1X well, located about 180 miles southwest of Alexandria in the Western Desert.
Initial production tests resulted in around 3,500 barrels of oil per day and 1 million cubic feet per day of associated natural gas, the company added.
The company estimated crude oil reserves from the well between 150 million and 250 million barrels, and will require further evaluation.
In addition to the discovered well, Eni will drill other development wells this year as it seeks to reach a production level of approximately 10,000 barrels of oil per day in the next months.
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