Egypt will soon start the first phase of marine geophysical operations (OBN) in the Eastern Mediterranean waters, covering approximately 18,000 square kilometers. Egypt's Minister of Petroleum and Mineral Resources, Karim Badawy, announced this news on October 18, 2023. The aim of this operation is to enhance the prospects for exploring natural gas resources in the region.
Details of the Marine Geophysical Project
This project will be executed by the state-owned Egyptian Natural Gas Holding Co. (EGAS) in collaboration with a consortium of companies including SLB and Viridien. Badawy stated that this operation will provide more accurate data on underwater geological structures and help identify areas with high potential for gas exploration. This information could attract new investments from international companies and expedite exploratory decision-making.
Read more: Decrease in bunker fuel sales in Panama in September
Future Plans and Larger Dimensions
This operation is the first phase of a broader program aimed at covering 95,000 square kilometers of Egypt's Eastern Mediterranean waters. This program is designed to create a comprehensive database for assessing undiscovered hydrocarbon resources in the region. The data collected from this operation is expected to play a key role, especially in identifying and developing new gas fields.
Egypt is recognized as one of the important countries in natural gas production and export in the Mediterranean region, and this project could strengthen the country's position in the global energy market. Given the increasing demand for clean and renewable energy, improving exploratory infrastructure and investment in this area is a priority.
Read more: Change in Singapore's petrochemical industry strategy towards producing specialty chemicals · Aker BP brings the Alveo Nord, Idun Nord, and Erne fields in the Norwegian Sea into production
