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Egypt finds gas in Mediterranean reservoir estimated at 200 billion cubic feet
Recoverable volumes and commercial viability remain under study, and no date has been set for production to begin.
Egypt's petroleum ministry announced a Mediterranean natural gas find with an estimated reservoir volume of around 200 billion cubic feet. The discovery at the Nasim-1X exploratory well comes as the country seeks to rebuild domestic supply and reduce its reliance on gas imports.
The well lies within the Taiba concession, operated by Italy's Eni with Australian partner Woodside. Petrobel, an Egyptian company, undertook drilling for the partners. The Ministry of Petroleum and Mineral Resources said drilling and appraisal found a layer containing gas with net thickness of around 15 metres.
Studies are continuing to establish how much gas is recoverable, evaluate potential daily production and determine whether development would be commercially viable. The ministry has given no timetable for production.
A planned pipeline, about 22 kilometres long, would link the well to the Abu Madi - El Gamil pipeline and existing production infrastructure. Egypt intends the connection to help bring the discovery into production sooner.
The ministry credited greater investment and exploration activity for the positive results. It also cited improvements in the investment climate and progress toward paying overdue amounts to foreign energy companies.
Declining Egyptian gas output in recent years has increased dependence on imports. The government is pursuing discoveries and accelerating exploration to support local supplies as electricity producers and industry maintain strong demand.