54849 - ENI’s new discovery in Egypt

N. Lygeros
Translated from the Greek by Athina Kehagias

ENI in co-operation with BP, announced a new discovery of a natural gas reserve in the Great Nooros region of Egypt.
It is the Nidoco NW-1 research vessel which actually discovered the reserve, 16 meters in depth, 5 kilometers from the shore, and in fact, at a distance of 4 kilometers from the Nooros field, where a discovery occurred in July 2015.
It is yet another substantial action for Egypt, which will enhance the entire alliance context, that has been formed with Israel, Cyprus, Greece and Italy, through the system of natural gas pipelines, amongst which the EastMed pipeline plays a dominant role.
More specifically, the estimation regarding the value of the reserve, is of the order of 4 trillion cubic feet, ie, the equivalent to the Aphrodite reserve within the Cypriot EEZ.
This new added value factor of Egypt, thanks to ENI, comes to enhance the agreements achieved by Greece with the EastMed pipeline, as well as with the delimitations with both Italy and Egypt.
Consequently, it constitutes yet a further enhancement of the strategic mix of the countries of the Eastern Mediterranean and the European Union as well.