Edison to Drill Exploratory Well in Egypt

Image: Shell.com

Italian energy company Edison has started drilling an exploratory well in Egypt’s deepwater acreage.

The well is located in North Thekah, close to Cyprus’ Aphrodite field, Israel’s Tamar and Leviathan fields and Egypt’s giant Zohr field. Drilling of the well will continue for 40-60 days.

Energean, which is listed on both the London and Tel Aviv stock exchanges is taking over Edison’s Egyptian assets, following an agreement that was signed last year.

“We’re drilling right now in North Thekah, a deepwater exploration … it started a couple weeks ago,” said Energean CEO Mathios Rigas.

Edison has assets in Italy, Albania, Croatia, the British and Norwegian North Sea as well as Greece and operates in offshore Israel, Greece and the Adriatic.