Edison, the Italian company, successfully made two new natural gas and crude oil discoveries in the areas of Abu Qir bay in Alexandria and the Western Desert.
The Alexandrian discovery, located 30 km off the eastern coast of Alexandria in Abu Qir Bay, was achieved in water depth of 28 meters and the first test results proved that the well will increase the gas reserves with half a trillion cubic feet of natural gas production by the rate ate of 70 million cubic feet per day and 500 barrels of condensates and it is targeted to put the well on production through the production facilities in the region.
As for the other discovery, it is found in the west of Wadi El-Rayan in the Western Desert, about 170 km west of Cairo. The test results showed the existence of reserves of crude oil about six million barrels expected to be doubled after drilling new wells and gives production rate of 1500 barrels per day, a high quality 38 degree and early production will be done using the production facilities of the General Petroleum Corporation. This was stated in a report received by Eng Sameh Fahmy, Minister of Petroleum, from Eng Pietro Kavanagh, Chief executive of the Edison Company during the meeting with the Petroleum Minister.
Kavanagh said that the Abu Qir offshore discovery is the first discovery of the company after it has signed an agreement to participate in the production of Gas fields in Abu Qir last January with investments of more than three billion dollars. Besides, he added that importance of the agreement is emphasized as a step in the way back up to Egypt and to be one of the most important companies operating in Egypt in addition to that he stated that the rapid success achieved gave the impetus to the company to increase its investments in research, exploration and development.
He pointed out that studies are underway to further speed up the digging of the wells and performing other development processes to wells in order to contribute in doubling the production of Abu Qir offshore gas fields.
He stressed that the company signed the agreement to participate in the production fields Abu Qir during the mighty global financial crisis and by a record investments which had not been achieved before and it is the best evidence of his company’s confidence in the high oil prospects of Egypt and the stability as well as the credibility which the Egyptian Petroleum Sector enjoys. Moreover, Kavanagh made it clear that the agreement is an important step in the relationship of Italy to Egypt, which is the most important partner to Italy in all fields, expressing his hope for more discoveries of oil and gas.