Energean‘s plans to increase natural gas production from its Mediterranean fields were discussed in Cairo on Monday (December 13th) by Egyptian Oil and Mineral Resources Minister Tarek El Molla and Energean Group CEO Mathios Rigas.
During the meeting, Energean‘s plan to connect the North Idku and North El Amriya gas fields with existing production facilities in Abu Qir, in the offshore area of Alexandria, was discussed.
Mr. El Molla stressed the importance of continuous cooperation and coordination between the Ministry and the international companies that have production in the country in order to accelerate the implementation of new investments, with the aim of increasing stocks and production in Egypt. It is noted that Egypt is one of the largest producers and exporters of natural gas in the Mediterranean, producing about 200 million cubic meters per day and exporting about 45 million cubic meters of natural gas per day.
“Energean is one of our international partners who have invested in Egypt in recent years, following the acquisition of the Edison E&P portfolio,” said Egypt’s Minister of Petroleum and Mineral Resources. Mr. El Molla added that the company has great potential and seeks to maximize the development of natural gas deposits in the Mediterranean, an area which is the center of its activity.
For his part, Mr. Rigas confirmed that Energean has launched new investments in the development of natural gas fields in the Mediterranean, adding that the company plans to use new technologies for the exploration and production of hydrocarbons from deeper layers.
It is noted that in the first 9 months of 2021, Energean production from the Abu Qir fields was of the order of 4.3 million cubic meters of natural gas and 4,000 barrels of oil per day (a total of 30,000 barrels of oil equivalent) per day. Production from the North Idku and North El Amriya fields is expected to begin in the second half of 2022 and is estimated to yield about 2.2 million cubic meters of gas and about 2,000 barrels of oil (a total of 15,000 barrels of oil equivalent) per day.
Latest News
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%
Store Hours Change Today in Observation of Orthodox Easter
The President of the Athens Chamber of Commerce hopes the Easter period will provide a much-needed boost to retail traffic in the capital
Athens-area Mass Transit Systems Set to Finally Install Contact-less Fare Payment
Paying fares via bank cards, smartphones and smartwatches in all mass transit systems in the Greek capital, namely, buses, trolleys, the metro and tram lines, is scheduled by the end of the year
Council of State Rejects Motion Against Thessaloniki Motorway Project
The motion was filed earlier this month by three local citizens’ and environmental groups and generated a high court decision for a temporary stay in construction