Eni CEO Dismisses Noor Field Rumors

Eni has denied media reports that the company has discovered a new gas field in the eastern Mediterranean, state-owned Ahram Online has reported.

“There are prospects and new [geological] structures in Egypt but we still haven’t discovered anything,” Eni CEO Claudio Descalzi told reporters on June 2.

The statement came amid rumors that Eni had discovered a 90-trillion cubic feet (tcf) gas field called Noor in North Sinai. Egyptian oil minister Tarek El Molla told Youm7 that the figures, first published by Russian state media outlet Russia Today, were baseless.

He added that the parliament is still to approve the deal that gives Eni 85% and the state-owned Tharwa Petroleum 15% of the concession. The companies cannot start exploratory drilling without parliamentary approval, he further explained.

The Egyptian cabinet and Eni signed an exploration and development deal worth $105 million in March 2018 to search the North Sinai waters.

Oil ministry spokesperson Hamdi Abdel Azi told Reuters on June 28 that Eni will start exploration drilling off North Sinai shore within two months.