Category: Egypt

A natural gas find off the Egyptian coast will help stimulate the nation’s economy, the International Monetary Fund said. File photo by Ahmed Jomaa/UPI WASHINGTON, Sept. 18 (UPI) — The discovery of a major deposit of natural gas off the Egyptian coast should help ensure positive economic growth, the International Monetary Fund said. Members of the IMF met in Cairo with Egyptian Central Bank Gov. Hisham Ramez, Finance Minister Hany Dimian and other representatives to discuss planned economic policies and developments. The issuance of a $1.5 billion bond helped lead to 4.2 percent growth in the Egyptian economy. Chris Jarvis, head of mission for the IMF, said the major gas find made by Italian energy company Eni will help stimulate the Egyptian economy in the medium term. Eni announced a discovery of gas in a deepwater prospect off the Egyptian coast last month. With an estimated 30 trillion cubic […]

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The recent discovery of giant natural gas deposits in Egypt’s Zohr plot does not negate the country’s export deal with Cyprus, newly-accredited ambassador Hussein Mubarak told the Cyprus Weekly. Although Nicosia is looking into different scenarios, Cairo’s offer to import the gas from the Aphrodite plot offshore Cyprus, liquefy it in Egypt and sell it to Europe is there. “The discovery of the new natural gas at plot Zohr will not change the policy of Egypt towards Cyprus, Egypt is a huge country with huge energy needs,” Mubarak said. “Egypt has offered to import Cyprus natural gas for domestic use and also for liquefication at the plant in Egypt and then sell it to Europe, everywhere. “I think, economically, to start a liquefication plant is very costly, we already have a plant to treat it and liquefy it and sell it to Europe,” he added. The ambassador also said […]

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Claudio Descalzi, CEO of Italian energy company Eni, says latest gas discovery off the Egyptian coast may be a game changer for the country. Photo courtesy of Eni. CAIRO, Aug. 31 (UPI) — The discovery of what may be the world’s largest gas field off the Egyptian coast could be a sea change for the North African country, Italy’s Eni said. Eni announced the discovery of gas in the deepwater Zohr prospect off the Egyptian coast. With an estimated 30 trillion cubic feet of natural gas in place, it’s the largest ever made in regional waters and potentially the largest in the world . "This historic discovery will be able to transform the energy scenario of Egypt," Claudio Descalzi, the chief executive officer of Eni, said in a statement. "This exploration success acquires an even greater value as it was made in Egypt which is strategic for Eni, and […]

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Eni SPA expects accelerated development of what it describes as a “supergiant gas discovery ” at its deepwater Zohr prospect offshore Egypt. The company will immediately appraise its discovery, which it says might hold 30 tcf of lean gas in place in an area covering 100 sq km. The Zohr 1X NFW discovery well was drilled to a total depth of 13,553 ft in 4,757 ft of water on Egypt’s Shorouk Block 9. The well hit a 2,067-ft hydrocarbon column in a carbonate sequence of Miocene age with 400 m of net pay, Eni said. The company has future plans to target a deeper Cretaceous upside with a dedicated well. Zohr is the largest gas discovery made in Egypt and the Mediterranean Sea, and if early estimates hold true, could become one of the world’s largest natural gas finds, the company said. As Eni begins to fast track development […]

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Eni SpA discovered a “super giant” natural gas field offshore Egypt in what the Italian oil company said is the largest find in the Mediterranean Sea. The deep-water deposit in the Zohr Prospect in the Shorouk block may hold 30 trillion cubic feet of gas, equivalent to 5.5 billion barrels of oil, Eni said in an e-mailed statement Sunday. Eni, which wholly owns the license for Shorouk, said the discovery validates its strategy of exploring mature areas. Egypt’s petroleum ministry confirmed the discovery in a separate statement. “Egypt has still great potential,” Claudio Descalzi, the company’s chief executive officer, said in the statement. “This historic discovery” will transform the energy industry in Egypt, he said. International oil and gas companies are seeking new deposits as existing fields become depleted. Egypt’s energy demand is rising as the Arab world’s largest population grows, making the country more reliant on imports provided […]

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A security official stands guard at the site of a bomb blast at a national security building in Shubra Al-Khaima, on the outskirts of Cairo, August 20, 2015. Islamic State’s Egypt affiliate said it was behind a car bombing that wounded 29 people near a state security building and courthouse in a Cairo suburb early on Thursday. A statement circulated on Twitter by supporters of the group, Sinai Province, said the bomb was a reprisal for the execution of six of its members convicted of carrying out an attack north of the Egyptian capital last year. "Let the apostates of the police and army, the followers of Jews, know we are a people who do not forget our revenge," the statement said. In May, Egypt executed six members of Sinai Province for attacking soldiers near Cairo in 2014. The men were convicted on charges which included carrying out an […]

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The first cargo ships passed through Egypt’s New Suez Canal last week in a test-run before it opened on Thursday [Reuters] Egypt has unveiled a major extension of the Suez Canal billed by its President Abdel-Fattah el-Sisi as a historic achievement needed to boost the country’s ailing economy after years of unrest. Sisi, wearing his ceremonial military uniform and trademark dark sunglasses on a sweltering August day, flew to the site on Thursday aboard a military helicopter and immediately boarded a monarchy-era yacht that sailed to the venue of the ceremony. A visibly triumphant Sisi stood on the vessel’s upper deck, waving to well-wishers and dance troupes performing on shore. At one point, a young boy in military uniform and holding an Egyptian red, black and white flag joined him on the deck. Historical facts: the Suez Canal Planning for the Suez Canal officially began in 1854 when a […]

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Italian energy company Eni said it will get new gas moving in Egypt within two months. File Photo by project1photography/Shutterstock MILAN, Italy, July 20 (UPI) — Italian energy company Eni said Monday it made what it considers to be an important discovery of natural gas in the Egyptian Nile Delta. Eni said it made a discovery in the Nooros exploration prospect in the Abu Madi West license area, about 75 miles northeast of Alexandria. "Preliminary estimates of the discovery account for a potential of 530 billion cubic feet of gas in place with upside, plus associated condensates," the company said in a statement. Eni in January signed two new agreements in the deep waters of the Mediterranean Sea following an auction held by the Egyptian government in 2013. In March, the company said it signed a framework agreement to develop Egyptian oil and gas reserves that calls for as […]

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