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East Med: Cyprus, Egypt, Lebanon & Israel, all looking for natural gas!

Feb 14

Recent activity observed in the Eastern Mediterranean region is particularly intense.

This is not a direct challenge on the part of Turkey against the Republic of Cyprus because of the presence and activity of the Italian ENI in plot 3 of the Cypriot EEZ. Ankara has received a reply from the European Commission, which called on it to refrain from 'frictions, threats or actions against a member state of the EU' that disturbed good neighbourly relations.

Egypt and Lebanon are fully prepared - vigilant, in order to take part in the 'game'

Britain's BP announced ob February 12 that it began six months earlier than its original planning to exploit the underwater Atoll Reservoir off the coast of Egypt, with a capacity of up to 300 million cubic metres of natural gas a day. These quantities, as reported on the official website of the company, are absorbed directly from the domestic market.

Bob Dudley, BP group chief executive, said: 'BP is focused on delivering growth with discipline, carefully choosing and efficiently executing high-quality projects. The longstanding partnerships we have in Egypt allowed us to fast-track Atoll’s development and deliver first gas only 33 months after discovery. This is a further demonstration of our commitment to help realise Egypt’s oil and gas potential and meet the increasing demand from its growing population.'

BP North Africa Regional President, Hesham Mekawi commented on the subject: 'Atoll is our first major project in Egypt to be delivered in 2018, following the West Nile Delta Taurus and Libra project and then Zohr last year. We are extremely proud of Atoll’s efficient execution through our joint venture, the Pharaonic Petroleum Company. Delivering this project at such an unprecedented pace, less than two years after sanction, and with an impeccable safety record is a tremendous achievement.'

BP announced the Atoll discovery in March 2015.

The main reservoir in the field contains an estimated 1.5 trillion cubic feet (tcf) of gas and 31 million barrels of condensates and further segments are under evaluation.

The discovery of the promising Zohr gas field, also off Egypt's shores, by ENI and BP, attracts international investment interest, with other smaller-scale companies such as German DEA that wish to expand their activity in the region, moving to new investments.

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