Egypt continues to be the gas giant that keeps on giving as BP Chief Executive claims, "This latest discovery confirms our belief that the Nile Delta is a world-class basin."
British Petroleum (BP) announced yesterday a new gas discovery in the Mediterranean sea. The discovered shallow well is located 60 kilometres north of Damietta City, which lies in the Eastern Nile Delta Zone. The discovery is the third made by BP in the area, which could potentially be evident to the area's potential of vast oil reserves both in the Mediterranean and the Delta.
"This latest discovery confirms our belief that the Nile Delta is a world-class basin," BP Chief Executive, Bob Dudley, stated on the discovery in a press release by BP on Sunday.Further discussing the discovery, to which BP has 100% equity ownership, BP North Africa Regional President, Hesham Mekawi, said, "We believe the development of Qattameya could help unlock the resources in other nearby discoveries with similar shallow low-pressure characteristics. This is part of our long-standing commitment to Egypt and to unlocking Egypt’s energy potential.”
This, as well as other reserves, discovered such as the Zohr gas field has the potential to turn Egypt into a major natural gas hub for markets in Europe. Egypt, Greece, Israel, and Cyprus have been in talks to create an underwater gas pipeline from Egypt to Greece, connecting Cyprus and Israel, in order to by-pass Turkey. The pipeline is still under discussion but has a lot of interest from the EU as they seek to reduce their dependence on Russian oil.
Photo: Svetlana Tebenkova