Large natural gas field discovered near Egypt amidst Iran crisis
Italian energy company ENI and Egyptian authorities announced the discovery of a large natural gas field in the eastern Mediterranean Sea. This could help the country cope with rising energy costs amidst the war related to Iran, writes Euronews.
Photo: Gregorio Borgia/AP
According to preliminary estimates, the "Temsah" field contains about 60 billion cubic meters of gas, as well as about 130 million barrels of gas condensate. The project is being implemented jointly with British Petroleum through their joint venture.
The well is already being prepared for testing. After that, new wells are planned to be drilled and an offshore platform built to begin industrial production.
This discovery comes at a very crucial moment for Egypt. Due to the conflict related to Iran, gas supplies from Qatar and Israel have been disrupted. As a result, the country had to introduce austerity measures: restrictions for businesses, rising fuel prices, and cuts in government spending. Monthly gas import costs have almost tripled.
The new field could become an important support for Egypt, and also help Europe with energy supply. However, how strongly it will affect the situation will depend on the speed of development and how long the conflict continues.
It is noted that this is not the first major discovery: in 2015, the Zohr field was found, which offered hope for complete energy self-sufficiency for the country. But later, Egypt focused on its role as a regional center for gas processing and transit.
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