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Page added on July 20, 2015
Eni Discovers Up To 15B Cubic Meters Of Gas In Egypt
Italy’s Eni has discovered gas reserves of up to 15 billion cubic metres in Egypt’s Nile Delta region, with production set to start in two months, the Egyptian oil ministry said on Monday.
The discovery was made in Western Abu Madi, 120 km northeast of Alexandria, where Eni holds 75 percent of exploration rights through an Egyptian subsidiary, with Britain’s BP holding a 25 percent stake.
Eni made the discovery at a depth of 3,600 metres and initial estimates point towards reserves of up to 15 billion cubic metres of natural gas and natural gas condensate, an Egyptian oil ministry statement quoted the company as saying.
The oil ministry signed a $2 billion energy exploration deal with Eni in June.
Egypt raised the prices it pays Eni and Edison for the natural gas they produce in the country in July.
The agreements marked an attempt by Egyptian authorities to improve terms for foreign oil and gas businesses in the hope that more competitive pricing will encourage investment in the energy-hungry country.
Eni has operated in Egypt for more than 60 years through its Egyptian subsidiary IEOC and is one of the main energy producers in the country, with a daily output of around 180 thousand barrels of oil equivalent.
6 Comments on "Eni Discovers Up To 15B Cubic Meters Of Gas In Egypt"
coffeeguyzz on Mon, 20th Jul 2015 5:09 pm
15 billion cubic meters is less than 600 billion cubic feet.
Big whoop.
Few weeks back, Wrightstone Energy Consultants presented a study on parts of the Upper Devonian, above the Marcellus.
Projected recoverable gas was estimated over 30 TRILLION cubic feet … 50x the size of this field above in the article … and practically no one even hears about it.
BobInget on Mon, 20th Jul 2015 5:30 pm
That will just about pay for Egypt’s new toys.
http://news.yahoo.com/france-delivers-first-batch-fighter-jets-egypt-afp-092932480.html
Istres (France) (AFP) – Egypt on Monday took delivery of three Rafale fighter jets from France, the first of 24 warplanes sold in a 5.2 billion euro ($5.6 billion) deal earlier this year.
Cairo is hoping to boost its military presence as it faces an unstable Libya to the west and threats from militants linked to the Islamic State group in its Sinai Peninsula to the east.
Poster’s notes;
BTW… WW/3 spread into Turkey today.
http://aina.org/news/20150717104613.htm
30 killed, Suicide Car bomb TURKISH
BobInget on Mon, 20th Jul 2015 5:52 pm
Suruc, Turkey (CNN)An apparent suicide bombing ripped through a rally Monday in the Turkish border town of Suruc, killing at least 31 people, Deputy Prime Minister Numan Kurtulmus said.
At least 100 others were wounded, provincial Gov. Izzettin Kucuk told Turkish media.
The explosion occurred at midday at the Amara Cultural Park in Suruc, where a group had gathered calling for more help to rebuild the Syrian Kurdish city of Kobani, CNN Turk reported.
Suruc is about 6 miles from the border and Kobani, the Syrian city that was the scene of intense fighting between Syrian rebels and Kurdish forces and ISIS.
POSTER’S NOTE:
Five US marines are murdered, it’s front and center news for months. Hundreds of Turks, Iraqis, Syrians, Egyptians, Libyans, Sudanese,
Yemeni, die that same day, we pay (almost) zero attention.
I’m proposing these deaths are indeed noticed
in Turkey, Egypt etc. We need to recognize, terrorism, so called,’human smart bombs’ becomes a military weapon
as powerful as an F/16 or drone. In an overpopulated, under employed region, far cheaper.
As world temperatures rise, so does anger.
The House of Saude provides a perfect target for
much of this anger. No amount of phony Western press releases will drown voices of repressed millions.
Jimmy on Mon, 20th Jul 2015 7:20 pm
Egypt has ceased to be an oil exporter and will soon cease to be a gas exporter.
http://mazamascience.com/OilExport/
Makati1 on Mon, 20th Jul 2015 8:29 pm
It’s not what you got, it’s what you do with it….lol. The world is flooded with oil and nat gas these days. Getting a buyer at a profitable price is the challenge.
joe on Tue, 21st Jul 2015 6:16 am
Getting someone to grow demand is the issue.
The Great Recession is becoming the Great Stagflation.
We are going to return to a new round of 80s style friedmanesque mania about ‘turning off the money spigot’. That will lead to another monetary contraction only then will any kind of real mega growth occur. Before all this though we must have the higher interest rates and the pain of low growth and thus low demand.