Italy-based multinational energy company Eni was granted a new exploration license for the Nour field located in the prolific East Nile Delta Basin of the Mediterranean Sea in Egypt, the company announced Tuesday.
The Egyptian authorities granted the new concession agreement for the offshore exploration license, Eni's press release said.
"The exploration license, named 'Nour', is located approximately 50 kilometers offshore in the Eastern Mediterranean, in water depth ranging from 50 to 400 meters, and covers a total area of 739 square kilometers," according to the press release.
The company plans to proceed with the drilling of an exploration well in the second half of 2018. Eni operates the Nour concession through its subsidiary IEOC. The Italian company holds an 85 percent stake in partnership with Tharwa Petroleum Company, who holds the remaining 15 percent share.
Eni has been present in Egypt since 1954. The company is the country's leading producer with equity of approximately 300,000 barrels of oil equivalent per day.