Eni and BP announced an “important gas discovery” in the Baltim South Development Lease in the East Nile Delta. “Further appraisal activities will be required to underpin the full resource potential of the discovery,” BP said. The company said the discovery “is a new accumulation along the same trend of the Nooros field discovered in July 2015 and currently producing 65,000 barrels of oil equivalent per day.” Eni, which operates the concession, says the discovery “further confirms the significant potential of the so called ‘Great Nooros Area,’ which is now estimated to hold 70-80 [bcm] of gas in place.” BP holds a 50% stake in the Baltim South Development lease, and Eni, through its subsidiary IEOC, holds 50%. The well was drilled by Petrobel, a joint venture between IEOC and EGPC.

Reuters notes that “Egypt currently has 12 natural gas field development projects under way worth a total of [USD 33 bn].” Egypt is the “gift that keeps on giving,” Bloomberg said in its coverage of the discovery.