Wednesday, March 15, 2017

Egypt may have additional offshore gas to find

US News:

The discovery of a huge natural gas deposit in Egyptian waters has boosted hopes of other such finds in the eastern Mediterranean that could help meet Europe's energy needs, a senior official with Italian oil and gas company Eni said Tuesday.

Eni SpA Chief Exploration Officer Luca Bertelli said his company's "milestone" discovery of Zohr, estimated to hold 30 trillion cubic feet of gas, has reinvigorated the interest of other major oil and gas companies in the region.

He said waters off Cyprus hold potential for new discoveries while exploration opportunities are coming up with Lebanon and Israel later this year offering offshore areas, or blocks, to bidders for exploration licensing.

"I believe the potential is here, but we need to go step by step," Bertelli told a gas conference. "If we don't drill, we don't know."

Developing domestic energy reserves is certainly better than importing energy for a variety of reason. Momentum continues to build regarding finding huge gas reserves in the eastern Mediterranean.

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