Huawei 2022 H1 financial results disclose performance according to prediction    Russia's Gazprom: Gas prices to skyrocket 60% this winter    Gold extends losses as investors await Fed minutes    Efforts to release detained Ukraine wheat shipment for Egypt underway – official    Gold prices in Egypt on August 16    Gulf markets fall, Saudi index up    In Photos: Egypt swears in 13 new ministers after major Cabinet reshuffle    Egypt's Sisi names 13 ministers in Cabinet reshuffle    Sisi calls for extraordinary parliament session to agree on major Cabinet reshuffle    Mayo Clinic researchers pinpoint genetic variations that might sway course of COVID-19    Egypt's Mersal Foundation secures UN Women loan    Egypt's Health Ministry launches Emergency scooter    Spain: prosecutor seeks 8 years sentence for Shakira over tax evasion    Egypt: Alamein Art Festival kicks off a collection of recycled installations    John Legend enjoys family trip in Egypt    Egypt: street photography will no longer require permits    Egypt's athlete Basma Emad wins bronze in weightlifting in Mediterranean Games    Noura Al-Mutair – first Gulf female boxer in World Championships    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    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.



Zohr reshapes future of gas exploration in Egypt
Major companies will compete to explore for Egyptian gas in Mediterranean
Published in Daily News Egypt on 11 - 02 - 2018

The Egyptian Natural Gas Holding Company (EGAS) plans to launch an international bid for gas exploration in land and sea areas before the end of the first half of this year.
According to Medhat Yousef, former vice president of the Egyptian General Petroleum Corporation (EGPC), the bids for exploration for oil and natural gas, which will be offered by Egypt during the coming period will see a turnout of international oil companies for participation, "after the discovery of Zohr, which encouraged companies to explore for Egyptian oil and gas," he said.
"There has been a change in the search and exploration for Egyptian gas," said Youssef, noting that in the past, international oil companies were applying for land exploration areas due to low exploration costs compared to marine areas.
The EGAS has already prepared a plan that includes offering bids for natural gas and shale gas exploration annually, especially in the Mediterranean Sea, which the company regards as a promising area in the field of extracting natural gas for Egypt.
According to the United States Geological Survey (USGS), the reserves of the Mediterranean Basin are estimated at 122tn cubic feet of natural gas and about 107bn barrels of crude oil.
Italian energy company Eni announced in 2015 a discovery in the Shorouk Mediterranean Concession Area in the Mediterranean, covering about 100 sqkm of the concession area.
Zohr gas field has up to 30tn cubic feet of gasreserves, with about 22tn cubic feet of recoverable natural gas. The project's investments reached about $12bn and could increase to $16bn over the entire lifetime of the project.
The EGAS is committed to offering more than 10 land and sea areas before the end of the first half of this year for exploration. The company has obtained security approvals for the tenders and will include eight maritime zones and three land areas.
The global bidding for gas and crude oil comes within the framework of the Ministry of Petroleum's strategy to encourage and attract new investments from international companies to work in Egypt in this field with the final aim of adding new reserves and increasing hydrocarbon production and reserves to meet the needs of the local gas market.
In March 2015, the EGAS launched a tender for natural gas exploration in 12 maritime zones. Four offers were accepted in four areas in the Mediterranean with a minimum total investment of $306m. Offers were also accepted from BP and Eni in block 4 of North Ras El-Esh marine area, and the offer by the consortium of Eni, BP, and Total for block 7 in North El-Hammad offshore area.
An offer was also accepted from Italian company Edison in block 12 north-east of Haby, as well as an offer frpm BP for block 14 in North Tabia marine area.
Minister of Petroleum and Mineral Resources Tarek El Molla said that his ministry succeeded last year in adding about 1.6bn cubic feet of natural gas to domestic production to reach 5.5bn cubic feet per day, with the increase coming from the fields of Norus, Atoll, and North Alexandria, as well as Eni's Zohr.
According to the minister, the domestic production of natural gas is directed entirely to consumption in the domestic market sectors of electricity and industry, and "with the achievement of gas self-sufficiency and the existence of excess gas, we will start to export abroad."
Egypt's natural gas production in 2018 is expected to reach 6.3bn cubic feet per day, compared to only 6bn cubic feet per day in the second half of 2017.


Clic here to read the story from its source.