• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours Reality catching up with EV forecasts
  • 11 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 hours Famous author Michael Crichton talks about the "Climate Change Religion" aka Feudalism 2.0
  • 5 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 10 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
European Natural Gas Prices Surge Ahead Of Cold Spell

European Natural Gas Prices Surge Ahead Of Cold Spell

European natural gas prices are…

U.S. Oil Is Replacing Russian Crude In EU Markets

U.S. Oil Is Replacing Russian Crude In EU Markets

As the EU contends with the…

A Significant New Natural Gas Discovery Offshore Egypt

Italian oil and gas major Eni has announced a new gas discovery offshore Egypt, at the nargis-1 exploration well.

The well was drilled in a concession area that Eni shares with Chevron, which is the operator of the exploration project with a 45-percent stake. Eni also has a 45-percent interest in the concession.

The eastern Mediterranean has become a hot spot for gas exploration after several significant discoveries, including the giant Zohr field in Egypt which Eni also discovered.

ADVERTISEMENT

Egypt has some 2.21 trillion cubic meters of proven gas reserves and produced over 95 billion cubic meters as of 2021. Zohr alone produces over 2.7 billion cu ft of gas daily. Its reserves are estimated at 850 billion cubic meters of natural gas.

Over the last eight years, Egypt’s gas production has grown by 66 percent, with export revenues surging 13-fold. Last year, the country’s liquefied natural gas exports topped 8 million tons, the bulk of which was sent to gas-starved Europe.

ADVERTISEMENT

Also last year, Egypt and Israel signed a cooperation deal with the European Union aimed at securing more eastern Mediterranean gas for Europe and having more Europe-based companies participate in gas exploration in the region.

At the end of 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 this year.

Meanwhile, the government awarded two exploration licenses in the outer Nile Delta to Exxon earlier this month. The U.S. supermajor will have complete control over both blocks, which cover a combined 11,000 sq km.

Last month, Egypt announced a gas discovery in its section of the Mediterranean, in a block operated by Chevron. The discovery could hold some 3.5 trillion cubic feet of natural gas.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment
  • Mamdouh Salameh on January 16 2023 said:
    This a great success story for Egypt’s gas industry in terms of new discoveries in the Eastern Mediterranean to resuming its former role as a major gas exporter.

    This transformation has started with the discovery of the giant Zohr offshore gas field discovered by Italian oil & gas giant ENI in August 2015 with proven reserves of 30 trillion cubic feet (tcf).

    This has enabled Egypt to double its proven gas reserves to 78 tcf and produce 9.19 billion cubic feet a day (bcf/d) in 2021 of which Zohr alone accounted for 2.7 bcf/d.

    Over the last eight years, Egypt’s gas production has grown by 66% with export revenues surging 13-fold. Last year, the country’s LNG exports topped 8 million tons, the bulk of which was sent to gas-starved Europe.

    In December 2022 ENI announced a new gas discovery offshore Egypt which holds some 3.5 tcf of natural gas.

    At the end of 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 this year. Moreover, the government awarded two exploration licenses in the outer Nile Delta to ExxonMobil earlier this month.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert
  • Trava on January 16 2023 said:
    it's not surprising. The areas extending (great distances even) around major river deltas often contain huge gas deposits. Mississippi, amazon, rhine/thames, euphrates and so on.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News