What is the importance of gas discoveries in Egypt? World Bank Supports Cairo to Become Regional Center for Oil Trading in the Middle East

The World Bank is supporting Egypt's efforts to become a regional center for oil and gas trade, where many new gas projects have recently started in the Mediterranean.

Mirza Hbadan, Executive Director of the World Bank in Egypt Tariq Al Mulla discussed cooperation between the World Bank and the Egyptian oil and gas sector

a statement from the Egyptian Ministry of Petroleum reported. 19659002] said the website "Oil Bar Q:" After the start of the giant field, Egypt has become an important player in the Mediterranean Sea Last month, Egypt released what will likely be the last call of D & # 39; LNG offers and will be able to start exporting early 2019, "Mulla told Bloomberg The minister said the June tender call was devoted to Egypt's gas needs in the third quarter and that it would not need to import LNG in the fourth quarter and beyond.

Ahmed Heikal, President and Founder of Citadel Capital Holding Is ready to become a source major oil and gas in the region and beyond CNBC in April.

Heikal said: "The discoveries and gas infrastructure, with respect to the LNG units at Edco and Damietta, mean that Egypt is ready to play a role. Very important as an energy pole, especially Gas exports ".
In addition to Egypt's success in the giant marine gas giant field underway in Israel, Cyprus, and Lebanon projects, the region is transforming itself into a major source of liquefied natural gas. In recent years, discussions have focused mainly on the need for a tripartite gas export strategy, which includes Israel, Cyprus and the new Egyptian gas producer.

To supply European or international LNG markets, the parties are more attractive to develop and produce their own offshore gas reserves. Until last week, the triple LNG export strategy was the only option available. Discussions on Cyprus deep-water pipelines, the Israeli onshore gas pipeline and the production and export of liquefied natural gas in Egypt aimed to bring enough gas to a central point to make production and export of liquefied natural gas economically feasible.

] Several bilateral and multilateral agreements have been signed during the last two months. This inter-regional approach may now be under heavy pressure if persistent rumors in the Egyptian press are to be confirmed.

Since the end of last week, Egypt has been able to put some of its export efforts coordinated with its neighbors. According to Egyptian press sources, confirmed by the former Egyptian Petroleum Minister, Osama Kamal, the main Italian oil and gas company Eni will develop from the Noor offshore gas field in August

This field is expected to maintain reserves potential of about 90 Tikhvar, 3X Flower Field He told the press that Eni was about to announce the discovery of another huge gas, which could be three times as much bigger than the current field.

In a television interview, Kamal said, "If you remember, two months ago we hope that this excellent news will be announced by the President and the Minister of Petroleum in a few days."

Sources of Egyptian Oil Ministry said Noor's field reserves could actually exceed 90 trillion cubic feet.

At the same time that the Egyptian Minister of Petroleum, Tariq Mulla, said that Egypt could stop importing natural gas The next two months, this is largely based on the overall success of land projects and offshore Egypt, such as the hinterland, and other gas projects in 2019, with an increase in gas exports, with a growing interest in oil and gas.

Drilling is expected to start at Noor before the end of August, the project is a joint venture between ENI and Tharwa Petroleum Company, a three-dimensional seismic survey is underway, the field is located Targeted in the region of Sunrise in northern Sinai, said Claudio Deslezzi, General Manager According to Eni, Italians have already invested about $ 8.4 billion in the fields of Nora and Dhahr, and the field is expected to reach 1.75 billion cubic feet in August. With a target of 2 billion cubic feet per year by the end of 2018. The gas in the Nora gas field is currently produced at 1.2 billion cubic feet per day. Egypt and Egypt will receive additional quantities of gas from the Taurus and Beira fields in the western delta

Israeli and Cypriot financial markets have already registered: Israeli media reports that energy stocks on the Tel Aviv Stock Exchange (TASE) are down; On the front page, the discovery of Noor would overshadow the Israeli field of Leviatan and Tamar, which may not require Israeli Cypriot supplies, and if Egyptian data were to be realized, the commercial viability of many projects in the eastern Mediterranean should be re-evaluated.

However, Cairo may have additional geopolitical interest, given the growing economic and political cooperation between Cairo and Saudi Arabia, and Israeli gas will not be interesting either.