In exclusive statements made to Al-Borsa, EGAS Chairman Khaled Abdel Badie, said that Eni’s new discovery will definitely contribute towards balancing Egypt’s gas production and consumption  by 2018, once combined with other finds such those made by BP North of Alexandria.

A meeting between EGAS and Eni is scheduled for next week to agree on the executive steps for the development of the new discovery and to help the Egyptian government achieve its desire goal of linking production from the new discovery to national gas grid within two years.

He clarified that the exploration agreement with Eni stipulated the drilling of 20 wells, while only one well has so far been drilled. He added that in the next few months three other wells will be drilled in order to ascertain with certainty the full extent of the reserves found in the concession area.

He also said that for the first time in Egypt a drilling vessel was used in exploration instead of a drilling rig. It was rising domestic consumption, however, that forced EGAS to import of new quantities of gas to cover local needs.

Abdel Badie revealed that the new gas find was not the end of the story as EGAS was preparing a seismic survey program of Egyptian waters stretching from the El Alamein area to the waters of Libya.

He explained that the surveys will be completed mid-next year so that new areas can be identified and then offered for bidding to international gas exploration companies.