Egypt: Energean announces NEA/NI Final Investment Decision
21 Jan 2021
North El Amriya and North Idku ('NEA/NI') concession subsea tieback project offshore Egypt. The
NEA concession contains
Yazzi and Python) while the
NI concession contains four discovered gas fields, one of which is readied for development. NEA/NI is due to deliver first gas in 2H 2022 with 49 million boe of 2P reserves, 87% of which is gas and peak production is expected to be approx. 90 mmscf/d plus 1 kbopd of condensates.
Map of NEA/NI Concession (Source: Energean)
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.