Egypt begins for the first time oil exploration in the “Western Mediterranean”

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Petroleum Minister: We do not favor participation in the Greek-Cypriot-Israeli gas pipeline at the present time

Source: Dubai – Arabic.net

Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Mulla, said that his country will announce in the coming weeks the start of exploration for oil for the first time in the western Mediterranean region, through direct agreement with major international companies.

Al-Mulla said in statements carried by the Egyptian newspaper “Al-Watan” today, Wednesday, that major international companies such as the French Total, the British “BP”, Chevron and Exxon Mobil will work in that region.

He added that studies indicate a good reserve of oil in this region.

He pointed out that a seismic survey was conducted for the first time in the western Mediterranean regions, and “consultations took place regarding a bidding proposal, but in the end we decided to make a mixture of bidding and direct agreement with some companies, because this region is deep and early and has a great risk in investing in it, so We do not want to bring companies as a kind of trade, but we want a number of companies that have experience and success globally and operating in Egypt, provided that agreement is made with them directly.

Al Mulla said that one of the countries of the East Mid gas pipeline agreement called on Egypt to participate, but we preferred to wait.

Greece, Cyprus and Israel signed an agreement earlier this month to extend a 1,900 km undersea pipeline to transport natural gas from the eastern Mediterranean to Europe.

In response to a question about whether there was an official invitation sent to Egypt to join the pipeline, Al-Mulla added: “The invitation was not formally issued and was sent from one of the three countries … We did not favor participation because there is no reason for this at present for us, because Egypt has Good infrastructure and entering into the agreement may conflict with maximizing the benefit of this infrastructure. ”

He continued: “I think that when there is a problem we have or poor infrastructure, we will consider resorting to other forms.” The three countries aim to reach a final decision on the details of the investment in 2022 and complete the pipeline by 2025.

European governments agreed with Israel last year to proceed with the project known as “East Med”, a $ 6-7 billion pipeline project that is expected to initially transfer 10 billion cubic meters of gas annually from Israel and the Cypriot territorial waters through Crete. Greek to the mainland mainland through to the European gas pipeline network via Italy.



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