November the 2nd, 2023 – INA has expressed its pride in its ongoing project in Egypt, which has been a key foreign oil and gas market for some time now.
As Poslovni Dnevnik writes, following the commercial discovery of gas in Egypt back at the end of 2022 on the East Damanhur block in the Nile Delta, INA’s gas well was connected in a very short time to the production infrastructure of the nearby Disouq field.
That infrastructure was then put into production on September the 26th, 2023, as INA announced. The largest Croatian oil company’s share in the initial production in that part of Egypt stands at approximately 200 boe (barrel equivalent) per day.
INA entered the East Damanhur concession back in 2021 as a 20 percent partner with operator Wintershall Dea and partner Cheiron Energy, and exploration activities were finally completed at that location this year.
“Egypt is INA’s key foreign market when it comes to oil and gas exploration and production, where we’ve been present for a long time now. That’s why we are particularly proud of this project, because it is the first time we are actually producing gas in Egypt”, said the President of the Management Board, Zsuzsanna Ortutay.
INA has otherwise been conducting exploration and production activities in Egypt since back in 1989, focusing mainly on the Western Desert and the Nile Delta area, where it is conducting activities on a total of four production concessions. Over more recent years however, it has increased its investments in Egypt, where it is recognised as a respectable partner. INA had an average production of 1,737 boe per day in the first six months of 2023, and poured in an investment totalling 53.8 million euros since 2020.