Egypt announced a fresh natural gas discovery in the Mediterranean Sea with preliminary estimates of about 200 billion cubic feet in the reservoir of the exploration well “Nasim-1X. Egypt will connect the well to existing production facilities via a 22-kilometer pipeline that would link it to the Abu Madi – El Gamil pipeline. This is meant to use the existing infrastructure and to reduce the time to start production.
Italian firm Eni operates the Taiba concession, in conjunction with Australian firm Woodside. Drilling work on behalf of the partners was carried out by Egyptian firm Petrobel. The Ministry of Petroleum attributed the good results to increased investment and exploration activities, mentioning an improved investment climate and advances in the settlement of overdue financial receivables owed to international enterprises engaged in the oil industry.
Egypt is trying to boost domestic natural gas output after a recent production decline has increased its reliance on gas imports to meet market demand. Cairo is banking on new finds and faster exploration to increase local supply, with robust demand from the electrical and industrial sectors.
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