• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 12 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 4 hours Visualizing How Much Oil Is In An Electric Vehicle (Hint: a heckuva lot)
  • 4 hours Theresa May to Step Down
  • 5 hours Look at the LONGER TERM bigger picture of international oil & gas. Ignore temporary hiccups.
  • 15 hours Total nonsense in climate debate
  • 16 hours IRAN makes threats, rattles sabre . . . . U.S. makes threats, rattles sabre . . . . IRAQ steps up and plays the mediator. THIS ALLOWS BOTH SIDES TO "SAVE FACE". Then serious negotiations start.
  • 15 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 18 hours Will Canada drop Liberals, vote in Conservatives?
  • 19 hours Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
  • 19 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 15 hours Apple Boycott in China
  • 11 hours Australian Voters Reject 'Climate Change' Politicians
  • 2 hours Why is Strait of Hormuz the World's Most Important Oil Artery
OPEC+ Top Priority: Don’t Crash Oil Prices

OPEC+ Top Priority: Don’t Crash Oil Prices

OPEC+ is reportedly considering increasing…

The Trade War Is Transforming Oil Markets

The Trade War Is Transforming Oil Markets

China-US trade talks have exposed…

Eni and BP Make “Significant” Gas Discovery in Egypt

Offshore Platform

A new natural gas discovery on the coast of Egypt’s Nile Delta has been made by Eni and British Petroleum (BP).

The two companies own a 50-50 share of the Baltim South license, the area of the delta in which the “significant” discovery occurred, a statement by Eni said.

Over the last year, several finds in the area have ramped up oil and natural gas investment in the vastly energy-importing country.

The “super giant” Zohr discovery occurred last August. At the time, it represented the largest natural gas find in the Mediterranean Sea, according to Eni’s press release. The Nooros field was found last July.

Both finds – but especially Zohr – put Egypt on track to be energy independent in the next two years as they come online by the end of 2017. Zohr alone will produce the equivalent of 40 percent of Egypt total natural gas production based on 2015 rates.

Following the announcements on the finds, Egypt decided it would produce the gas for domestic consumption and cut liquified natural gas imports in order to pave the way for cleaner energy consumption.

The energy investment bank Tudor, Pickering, Holt & Co. said Thursday’s news was “positive given unsatiated domestic gas demand” in the Middle Eastern country.

Related: U.S. Shale Hurting: Largest Monthly Drop In More Than A Year

Egypt has had history of insufficient fuel and natural gas supply causing widespread power outages and massive protests, especially during the summer months. Recent reports suggest the situation has improved over the past few months.

The Nooros field now pumps 65,000 barrels per day for the domestic market. The Greater Nooros Area holds an estimated 80 billion cubic meters of gas, according to Eni. The company any said the Baltim South find included gas-bearing rock with “excellent” reservoir properties 25 meters deep into the river delta.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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