Eni and ExxonMobil to Invest $300 Million in Egypt's Nour and Western Zohr Gas Projects
Eni plans to drill a second gas well at the Nour offshore concession in Egypt's eastern Mediterranean starting in February, with an investment of $300 million. The state gas company EGAS has agreed to redirect its drilling rig from the Denis offshore area to the Nour concession.
Studies suggest that the Nour-1 well may contain around 0.5 trillion cubic feet of natural gas, and the second well may confirm larger reserves. Meanwhile, ExxonMobil intends to invest in drilling an exploratory well in the Western Zohr concession, following a letter of intent signed with EGAS at the ADIPEC 2025 conference in November. EGAS is assessing a proposal to implement the R-Factor production-sharing model in the concession, which aims to provide investment incentives for exploration in deepwater regions of the Mediterranean.
