Italian energy corporation, Eni, a long time partner of ARE in oil and gas production, has announced new gas field discovery. It is situated in the Western Desert. The reserves are yet to be announced but it is widely believed that they will be huge even by the modern scale.
Egypt has been importer of gas and oil for the long time. The situation changed with discovery of huge fields of oil and gas deposits and the beginning of production. One of the first and most significant was “Zohr” field also discovered by Eni. As gas and oil prices became less subsidized and closer to market Egyptian oil and gas has been mined in larger quantities. It allows Egypt to became net exporter of the fossils with possible primary market in Southern Europe.
In late June, Egypt’s petroleum minister, Tarek El-Molla, said that the country might stop importing liquefied natural gas by the end of this year.
“The exports of Zohr gas field, as well as other gas fields’ production, will start early next year,” El-Molla said. “I don’t think there will be more tenders. I think this is it. Local production should cover our needs.”
It is much to be done to fulfill the goal though. The port infrastructure, the fleet system and marketing are still the weak points.