Eni Discovers Massive Gas Field in the Mediterranean

This will upset the blue suede shoes.....

https://teakdoor.com/images/imported/2015/08/1955.jpg

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Eni SpA discovered a “super giant” natural gas field offshore Egypt in what the Italian oil company said is the largest find in the Mediterranean Sea.
The deep-water deposit in the Zohr Prospect in the Shorouk block may hold 30 trillion cubic feet of gas, equivalent to 5.5 billion barrels of oil, Eni said in an e-mailed statement Sunday. Eni, which wholly owns the license for Shorouk, said the discovery validates its strategy of exploring mature areas. Egypt’s petroleum ministry confirmed the discovery in a separate statement.
“Egypt has still great potential,” Claudio Descalzi, the company’s chief executive officer, said in the statement. “This historic discovery” will transform the energy industry in Egypt, he said.
International oil and gas companies are seeking new deposits as existing fields become depleted. Egypt’s energy demand is rising as the Arab world’s largest population grows, making the country more reliant on imports provided by Persian Gulf states. The latest discovery will contribute to Egyptian supply for decades, Eni said.
Export Plans
“A find of this size should be enough to cover a lot of Egypt’s energy gap,” Robin Mills, a Dubai-based analyst at Manaar Energy Consulting, said by phone Sunday. “They’ll likely have to meet domestic needs first, before any export plans are discussed. This will also put a damper on Israeli plans to export gas to Egypt.”
Eni will likely sell most of the fuel into Egypt’s domestic market, said a spokesman, asking not to be identified citing company policy. With a minimum development period of at least four years, it would be about 2020 before any production started in the Shorouk block, Mills said. Eni said it planned to appraise the field and start “fast track development.” It didn’t provide a time line for the project.

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Eni Discovers Massive Gas Field in the Mediterranean - Bloomberg Business

The last I heard, Egypt was already exporting some of its gas to Israel. (But my info may be out of date). This new find should guarantee that supply for a bit longer. Win-win, surely.

Israel will eventually find a way of nabbing this find. Egypt cannot be allowed to have this holy site.

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Originally Posted by Neverna

The last I heard, Egypt was already exporting some of its gas to Israel. (But my info may be out of date). This new find should guarantee that supply for a bit longer. Win-win, surely.

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Erm.....

Did you not notice my comment? Or this:

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This will also put a damper on Israeli plans to export gas to Egypt.

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It won't go down well with Vlad either, he doesn't like competition and they can flog this right into Europe.

Yes, I saw both. As I said, the last I heard, Egypt was exporting some of its gas to Israel but Robin Mills' comment in the article suggests my info may be out of date.

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02/04/15
Though Egypt used to be a major regional gas exporter in the region, with Israel being one of its clients, the tables have turned in recent years, owing to several factors – including, in Egypt, instability in the Sinai Peninsula region – where several large fields are located – due to the rise of the Islamist insurgent group Ansar Bait al-Maqdis, and in Israel, the discovery of large off-shore gas fields.

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Israel signs gas export agreement to Jordan | i24news - See beyond

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12/4/2014
Exports by pipeline to Egypt for domestic use

Talks are under way between Cyprus and Egypt for selling Aphrodite gas to Egypt. In March Cyprus Hydrocarbons Company (CHC) and the Egyptian EGAS signed a memorandum of understanding for a feasibility study into a subsea pipeline for exporting the gas to Egypt.

Egypt faces domestic gas shortages and has already entered into various agreements to import LNG over the next few years. An agreement has also been reached to sell gas from Tamar to Dolphinus Holdings Ltd, an Egyptian company, over the next three years.

However, Egypt sees this need to import gas for domestic use as short term. Egypt believes concessions awarded to IOCs over the past year, such as BP, ENI, Total and BG, underpinned by new discoveries in the Nile Delta, will restore the country to energy self-sufficiency by 2018 and stop the need for gas imports by 2020. In addition, domestically produced gas would cost from $3.50 to $5.00 per mmBTU, whilst gas piped from Cyprus would cost $7-$8.

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Exporting gas to Europe and Egypt - Cyprus


(The Tamar gas field is an Israeli off shore field.)

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Originally Posted by wasabi

Israel will eventually find a way of nabbing this find. Egypt cannot be allowed to have this holy site.

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And the Spotted Trouser Eel, a rare breed, makes his home there, and nowhere else...

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Originally Posted by Neverna

As I said, the last I heard, Egypt was exporting some of its gas to Israel but Robin Mills' comment in the article suggests my info may be out of date.

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Without checking I don't think you are out of date today. Israel was getting gas from Egypt on very good conditions. But it may change soon.