• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 1 hour Joe Biden's Presidency
  • 22 hours https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 31 mins The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 17 hours Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 14 hours Is the Chinese CCP Following the Left's Leadership, or the Left Following the CCP's?
  • 4 hours Did I Miss Something?
  • 2 days JACK MA versus Xi Jinping
  • 11 mins Minerals, Mining and Industrial Ecology
  • 1 day CNN's Jake Tapper questions double amputee purple heart recipient GOP Rep's commitment to democracy. Tapper is a disgrace.
  • 1 day 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
  • 1 day Do Republicans like Liz Cheney, Adam Kinzinger, Mitt Romney and now McConnell think voting for Impeachment can save the party ? Without Trump base what is the Republican constituency ? It's over.
  • 2 days Researchers Are Harvesting Precious Metals From Industrial Waste
Why Natural Gas Prices Are Set To Go Higher

Why Natural Gas Prices Are Set To Go Higher

Natural gas markets have been…

The Future For Natural Gas Is Far From Certain

The Future For Natural Gas Is Far From Certain

Natural gas has been suffering…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Oil Majors Discover Significant Gas Field In Egyptian Waters

European majors Eni, BP, and Total have successfully tested a new natural gas discovery in Egypt’s shallow waters, the Italian company said on Tuesday, commenting on its find that adds to Egypt’s already sizeable natural gas resources.

Once in production, the well Bashrush is estimated to deliver at up to 100 MMscf of gas and 800 barrels of condensate per day, Eni said.  

Eni is the operator of the North El Hammad concession, where Bashrush is located, with a 37.5-percent interest, BP holds another 37.5 percent, and Total owns 25 percent.

The companies will be looking to develop the area with tie-ins to existing infrastructure.

“These results support our strategy to allocate a significant share of our exploration budget to the search of hydrocarbons in the vicinity of existing infrastructures,” said Kevin McLachlan, Senior Vice President Exploration at Total.

“These resources have low development costs since they can rapidly be tie-in and put into production,” McLachlan added.

In recent years, Egypt has been at the center of a ‘natural gas rush’ in the Eastern Mediterranean after Eni discovered the vast Zohr field in 2015, saying it was the largest ever gas discovery in the Mediterranean.

Eni is the operator of Zohr and holds 50 percent, Rosneft has 30 percent, while BP and Mubadala Petroleum each have 10 percent in the Shorouk Block where Zohr is located.

Following the start-up of the giant Zohr field in early 2018, Egypt became an essential player in the Mediterranean. Zohr plays a crucial role in helping Egypt to avoid the need to import liquefied natural gas (LNG), according to the Italian energy major.

In one of the latest deals concerning the Eastern Mediterranean, U.S. supermajor Chevron will scoop up Noble Energy’s natural gas assets offshore Israel and Cyprus after it entered last week into a definitive agreement to buy Houston-based Noble Energy in an all-stock transaction valued at US$5 billion.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on July 28 2020 said:
    That is great news for Egypt, its balance of payments and also for its emerging status as the gas hub of the Eastern Mediterranean as well as its role as an important gas exporter.

    Egypt’s gas riches as manifested by the discoveries of giant gasfields such as Zohr, the largest discovered field in the Eastern Mediterranean, have made it a focus of attention from oil majors like BP, ENI and Total which are enjoying a welcoming investment environment.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News