ENI Makes Significant Oil and Gas Discovery in Algeria, Expects Startup in 3Q
March 21 2022 - 3:15AM
Dow Jones News
By Cristina Roca
ENI SpA said Sunday that it has made a significant oil and gas
discovery in Algeria together with its partner, state-owned
Sonatrach.
The Rome-headquartered energy company said the discovery was
made in the Zemlet el Arbi concession, located in the Berkine North
Basin in the Algerian desert. Preliminary estimates put its size at
around 140 million barrels of oil in place.
The concession is operated by a joint venture, in which ENI
holds 49% and Sonatrach holds 51%.
The discovery will be appraised with the drilling of a second
well in April, and ENI will aim to fast-track its development, with
startup expected in the third quarter.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
March 21, 2022 03:00 ET (07:00 GMT)
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