Italian energy giant ENI and Egypt have announced the discovery of a large natural gas field in the Mediterranean Sea. This gives Cairo and Europe a potential lifeline amid soaring energy prices, notes Euronews.
The Temsah field is estimated to contain about 2 trillion cubic feet of gas. The discovery also includes 130 million barrels of gas condensate.
The Denise W well is now being prepared for testing. Once testing is complete, additional wells are planned to be drilled and an offshore production platform is planned before the field is brought into production.
The project is operated by ENI, which holds a 50% interest, with BP owning the remaining half. Development is being carried out through their joint venture Petrobel.
The discovery is more than timely for Egypt
Gas supplies to Egypt from Qatar and Israel have been disrupted since the escalation of the war in Iran. This has forced Cairo to introduce a raft of energy conservation measures.
The Temsah discovery is reminiscent of the last such event. In 2015, the Zohr field, the largest in the Mediterranean, with 30 trillion cubic feet of reserves, raised hopes that Egypt could sustain itself with energy and become a major exporter.
Those ambitions have since been adjusted. Egypt has staked out a role as a regional refining and transit center, using its liquefaction terminals to ship raw materials from neighboring countries, including Cyprus.
Another opening was announced last month. Egypt and Apache Corporation reported a field in the Western Desert that is expected to produce 26 million cubic feet of gas per day.
Whether the Temsah find becomes large enough to ease Egypt’s energy deficit will depend on how quickly it can be brought into production and how long the war drags on.
