Eni (E) Steps Up Oil Production In Egypt's Nooros Field

Italian major Eni SpA (TO:E) recently announced that it has enhanced production from the Nooros field in Egypt.

The company has attained an output of 128,000 barrels of oil equivalent per day (boed) in just 13 months after its discovery. Currently, the field is producing oil from seven wells. Notably, the company plans to drill additional wells to further augment production. In fact, the field is anticipated to reach its maximum production capacity of about 160,000 boed in the spring of 2017.

Nooros field, which was discovered in Jul 2015 in the Nile Delta offshore, was brought online in September of the same year.

Eni with its consolidated subsidiaries is engaged in oil and gas, electricity generation, petrochemicals, oilfield services and engineering industries. The company’s major business segments are Exploration and Production (E&P), Gas and Power, and Refining and Marketing.

The company conducts its major E&P activities for hydrocarbons. Eni operates these activities out of Italy, Croatia, North Africa, West Africa, the North Sea, the Gulf of Mexico, the Middle and Far East, the Caspian Sea, Australia and Latin America.

Other segments are Chemicals, Services & Engineering, Other & Corporate, and Corporate & Financials. In addition, Eni is involved in offshore and onshore hydrocarbon field construction. Further, the company offers offshore and onshore drilling, and offshore design and engineering services for oil and gas companies

Eni’s constant efforts to expand its upstream operations in Cyprus, Egypt, Vietnam, Indonesia, Pakistan and Kenya raise optimism about profitable growth in the future. Moreover, project start-ups, inputs from big projects in Algeria, Iraq, Australia, Russia and Egypt as well as its strategic position in non-conventional gas, are expected to augment volumes going forward.

Eni currently carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are Matador Resources Company (NYSE:MTDR) , NGL Energy Partners LP (NYSE:NGL) and Enviva Partners L.P. (TO:E) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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