Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    58 days that exposed IMF's contradictions on Egypt    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's Gas Find Refires Exploration Plans But Wider Med Overlooked
Published in Amwal Al Ghad on 10 - 09 - 2015

A huge gas find in Egyptian waters is set to speed exploration activity in the area after a lean decade of discoveries, while neglecting the wider Mediterranean whose total estimated reserves theoretically rival those of east Africa.
Italian oil group Eni's discovery of the Zohr field off the coast of Egypt is the Mediterranean's biggest ever, holding an estimated 30 trillion cubic feet (tcf) of gas and fueling interest in the scantily explored region.
The U.S. Geological Survey pegs technically recoverable gas reserves in the Mediterranean at around 411 trillion cubic feet, but without seismic surveying to pinpoint actual deposits, interest is thin outside of proven hot spots such as Egypt.
The politics of Mediterranean countries are also complex and confusing, burdened by red-tape and subject to sudden energy policy U-turns, keeping explorers at bay, the International Association of Oil and Gas Producers said.
Still, the region holds up on paper as a potential heavyweight against red-hot plays in east Africa, where the USGS in 2012 estimated probable, undiscovered reserves of 441.1 tcf.
Companies from Anadarko to BG Group are gearing up to build giant gas export plants in Mozambique and Tanzania.
Yet Europe's falling gas output and declining drilling activity is boosting import reliance on Russia.
One leading seismic survey company says Mediterranean demand is focused mostly on Egyptian waters.
"We have just completed a large survey for an oil company offshore Egypt, we haven't done much in the western Med," said Bard Stenberg, vice-president of investor relations at Petroleum Geo-Services.
Part of the problem is that the Mediterranean's diverse geology inclines explorers to stay in areas with proven reserves and exploration-friendly governments.
"(Egypt's) Nile Delta and Israel are geologically distinct and in Libya it changes again," Adam Pollard, upstream analyst at Wood Mackenzie said.
"Exploration will likely intensify around the Zohr field and in neighbouring Cypriot blocks," he said.
A glut of cheap oil and gas and bleak European energy demand discourages firms from hunting after west Mediterranean reserves, said Patrick Heather, senior fellow at the Oxford Institute of Energy Studies.
Egypt's turnaround stands in stark contrast to neighbour Algeria where recent licensing rounds yielded slim pickings, while Libya's descent into chaos thwarts new investment.
Further west, Italy's gridlocked permitting system has effectively stranded two-thirds of its offshore exploration acreage, geological research papers show.
The country's oil and gas association says 700 million tonnes of oil equivalent lie offshore with potential to slash imports.
Spain is a similar story.
Only Israel has rivaled Egypt in producing giant offshore finds like Leviathan, with 22 tcf of gas, but policy reversals have rattled investors. Ongoing antitrust wrangles have also frozen development work on Leviathan.
Comparisons with the North Sea, which has produced around 127 tcf of gas already and is the world's fourth and third biggest oil and gas producing province, respectively, are premature given the Mediterranean's nascent exploration efforts.
One of many advantages North Sea producers have are harmonised regulatory frameworks perfected over decades to encourage drilling off Britain, Norway and the Netherlands.
Source: Reuters


Clic here to read the story from its source.