Egypt is Intensifying Efforts to Explore Oil and Gas in the Mediterranean and Red Sea
Drilling at the Noor offshore gas field is set to begin very soon.
In the last couple of months, oil and gas has been a heavy topic of discussion in Egypt; in recent updates, Egyptian Tharwa Petroleum Company and the Italian Eni corporation are preparing to drill their first exploratory well at Noor offshore gas field, North Sinai, as Egypt is increasing and intensifying efforts to explore oil and gas in new parts of the Mediterranean and Red Seas, according to Egypt Independent.
The drilling is set to begin next week, according to an official from the Egyptian Natural Gas Holding Company (EGAS).
In March, the cabinet approved an agreement for oil and gas exploration along the North Sinai Cost, with both Eni and Tharwa investing around $105 million to drill two exploratory wells.
Petroleum Minister Tarek al-Mulla said that this shows foreign investors’ confidence in what the country offers, especially in the South of Egypt.
Also, he added that Egypt will soon engage in intense exploration activities in the Red Sea area, following the demarcation of borders with Saudi Arabia. There will soon be the first international bids for gas and oil exploration in this region.
The Petroleum Ministry wants to fulfil the need for petrol in the South of the country, focusing on the development of the Assiut refinery as well as upgrading petroleum transfer products.
Mohamed Azim, president of the South Valley Egyptian Petroleum Holding Company claimed that thanks to the Assiut oil refinery, the ministry plans to deliver gas to about 156,000 housing units in Upper Egypt governorates in 2018.
Main image from argaam.com