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Sunday, July 1, 2018
Reports out of Egypt have Italy’s ENI topping its Zohr discovery with the discovery of a field that could be up to three times larger than the 2015 discovery. Egyptian Ministry of Oil officials were cited in the Egyptian Independent as saying that ENI would soon announce the Noor discovery, which is located on the Shorouk concession.
If the Noor discovery is all that rumors say it is, the days of Egypt needing to import gas to meet its domestic supply demands are at an end. Indeed, even without the discovery the North African country is set to return to its status as a natural gas exporter beginning in late-2018/early-2019.
Egypt’s Petroleum Minister Tarek El Molla was cited in a Bloomberg report in late-June that the country was set to stop importing LNG by the end of the year. He did not, however, mention any new discoveries made by ENI.
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