ENI announces major gas discovery in Egypt
Italy's oil and gas major Eni has announced a new gas discovery off Egypt's Nargis-1 exploration well. The well was drilled in an area of concession that Eni shares with Chevron, which is the operator of the exploration project with a 45% interest. Eni also has a 45% stake in the concession.
The eastern Mediterranean has become a hotspot for gas exploration after several significant discoveries, including the giant Zohr field in Egypt, also discovered by Eni. Egypt has about 2.21 trillion cubic meters of proven gas reserves and produced over 95 billion cubic meters in 2021. Zohr alone produces over 2.7 billion cubic meters of gas per day. Its reserves are estimated at 850 billion cubic meters of natural gas.
Over the past eight years, Egypt's gas production has grown by 66%, with export revenues increasing 13-fold. Last year, the country's liquefied natural gas exports exceeded 8 million tonnes, most of which was sent to gas-hungry Europe. These are very important resources for a country that has a constantly negative trade balance.
Also last year, Egypt and Israel signed a cooperation agreement with the European Union, with the aim of providing Europe with more Eastern Mediterranean gas and involving more European companies in exploration of gas in the region.
Late last year, the Egyptian government announced an oil and gas tender involving six offshore blocks and six onshore blocks in the Nile Delta and the Mediterranean. The deadline was set for April 30 of this year.
Last month, Egypt announced a gas discovery in its section of the Mediterranean, in a block operated by Chevron. The discovery could hold about 3.5 trillion cubic feet of natural gas. The country is starting to be one of the major suppliers of natural gas in Mediterranean Europe.
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The articleENI announces big gas discovery in Egypt comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/eni-annuncia-grossa-scoperta-di-gas-in-egitto/ on Mon, 16 Jan 2023 10:16:00 +0000.