BP & ENI Discover New Egyptian Offshore Gas Field

nsnbc : BP and ENI, on Thursday, stated that the two energy corporations discovered a new, significant gas field off the Egyptian coast. The newly discovered gas field is in the Baltim southwest exploration gas black in the Est Nile Delta.

Israel_gas pipeline_gas_NEOBP and ENI report that the newly discovered gas reserves are located some 10 kilometers north of the Nooros gas field which was discovered in July 2015. The Nooros field has a production rate of 65,000 barrels of oil equivalent per day, report the two energy corporations.

The Italian ENI holds a 50 percent stake in the license of Baltim South via its subsidiary IEOC while BP hold the other 50 percent. ENI issued a statement, saying that the new discovery “further confirms the significant potential of the so-called Great Nooros Area, which is now estimated to hold 70-80 billion cubic meters of gas in place”.

BP North Africa president Hesham Mekawi noted that “Our plan is to utilize existing infrastructure which will accelerate the development of the discovery, and expedite early production startup”. BP also noted that appraisal activities will be required to better understand the full resource potential.

The new discovery adds to Egypt’s chances to reverse the trend that turned the country from an energy exporter to an energy importer. The trend was caused by declining oil and gas production in the most populous  north African country. Egypt has taken steps to reverse the trend, and speed up production.

The recent discoveries will help bridge the gap. The country has currently 12 gas field projects under way. The total worth is estimated at some $33 billion. The three largest projects includes the Mediterranean Zohr gas field that was discovered by ENI in 2015. The three largest projects are expected to yield some 4.6 billion cubic feet of gas per day by early 2019.

F/AK – nsnbc 10.06.2016

Source Article from http://nsnbc.me/2016/06/10/bp-eni-discover-new-egyptian-offshore-gas-field/

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