Italian energy firm ENI has confirmed a substantial discovery of natural gas off the coast of Egypt in the Eastern Mediterranean. This development is seen as a potential boost for Egypt, which has been experiencing pressure on its energy supplies due to regional conflicts.
The preliminary assessments suggest that the Temsah oil and gas field contains approximately 2 trillion cubic feet of natural gas, along with an estimated 130 million barrels of petroleum condensates. Egypt's Ministry of Petroleum indicated that this discovery is part of wider initiatives aimed at increasing domestic production, compensating for reduced output, and lessening the country's dependence on expensive imports.
This announcement occurs as Egypt contends with interruptions in gas deliveries from sources like Qatar and Israel, exacerbated by the ongoing conflict involving Iran. These supply issues have compelled Cairo to implement energy conservation measures, including curfews for businesses, adjustments to fuel prices, and delays in government projects.
Prime Minister Mostafa Madbouly recently highlighted the impact of the crisis, noting that Egypt's monthly expenditure on gas imports has escalated from $560 million to $1.65 billion.
The Ministry of Petroleum has stated that the Denise W well is currently undergoing preparations for testing. Further drilling operations and the installation of an offshore production platform are planned before the field can commence full-scale operations.
This recent find follows another discovery made in Egypt's Western Desert in collaboration with Apache Corporation, which is projected to yield about 26 million cubic feet of gas daily.
Egypt has consistently faced the challenge of balancing its domestic energy needs with its aspirations to become a significant energy hub in the region. The discovery of the Zohr gas field in 2015, which holds an estimated 30 trillion cubic feet of gas, had previously fueled optimism about achieving energy self-sufficiency and expanding export capabilities.
However, in recent times, Egypt has pivoted its strategy towards serving as a processing and export center, utilizing its existing liquefaction facilities to handle gas supplies from neighboring countries, including Cyprus. The latest gas find is anticipated to support these strategic objectives while simultaneously contributing to the stabilization of Egypt's domestic energy provision amidst prevailing regional uncertainties.
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