After new gas discoveries in Sinai, Petroleum Minister Tarek El-Molla said on Friday that Egypt has the potentials that enables it to be a regional energy hub in the Eastern Mediterranean.
El-Molla’s word came after Italian Oil Company Eni announced on Thursday a new gas discovery under evaluation in the Nour exploration prospect located in the Nour North Sinai Concession, in the Eastern Egyptian Mediterranean, about 50 km North of the Sinai peninsula.
Eni clarified in a press release that the Nour-1 New Field Wildcat (NFW), which has led to the discovery, was drilled by the Scarabeo-9 semi-sub in a water depth of 295 meters and reached a total depth of 5,914 meters.
According to the statement, Nour-1 well found 33 meters of gross sandstone pay with good petro physical properties and an estimated gas column of 90 meters in the Tineh formation of Oligocene age. The well has not been tested; however, an intense and accurate data acquisition has been carried out.
“In the concession, Eni is the operator with a 40 percent stake,in cooperation with Egyptian Natural Gas Holding Company (EGAS), BP holds a 25 percent stake, Mubadala Petroleum a 20 percent stake while Tharwa Petroleum Company a 15 percent stake of the contractor’s share,” the company noted.
Earlier on Thursday while speaking at a session titled “Eastern Mediterranean Gas Renaissance,” which is part of activities of CERAWeek 2019 in the US, Petroleum Minister Tarek El-Molla said that Egypt has all the necessary infrastructure and facilities to transport natural gas from gas fields discovered in the Eastern Mediterranean region to European markets thanks to its extensive network of pipelines and liquefied natural gas (LNG) plants in Damietta and Idku on the Mediterranean coast.
He further underlined that the maritime border demarcation agreement between Egypt and Cyprus had positively helped in accelerating the discovery and development of gas fields in the Eastern Mediterranean region.
He also stressed the European Union’s support for Egypt’s tangible steps to be a regional oil and gas hub.
He deemed Egypt’s hosting of the first ministerial meeting of the East Mediterranean Gas Forum (EMGF) in January as a strong start to boost the gas market in the region.
On Wednesday, Petroleum Minister Tarek El-Molla had a meeting with US Energy Secretary Rick Perry on means of boosting bilateral cooperation in the petroleum and gas fields.
The meeting was held on the sidelines of his participation in “CERAWeek” by IHS Markit that kicked off in downtown Houston, on Monday, March 11.
CERAWeek, the week-long event, focuses on providing meaningful dialogue, aimed at solving the various challenges facing the energy industry―from geopolitics and trade to costs, price volatility, environmental policy, disruptive technologies, inter-fuel competition, and the battle to attract younger workers before they commit to other industries.
The on-going energy transition has created considerable uncertainty for long-term strategy and investment.
The conference opened with a discussion about geopolitical hot spots that are threatening regional stability and could hamper energy development and delivery.