Feasibility studies on direct gas exports in progress

Egyptian Local experts are working on economic and technical feasibility studies to establish platforms at recently discovered natural gas sites in the Mediterranean.

This would ensure that gas could be directly exported through underwater pipelines to Cyprus and Turkey.

Gas from the site, located 22 kilometers from the North Mediterranean coast, could eventually be exported to Europe.

Following a meeting with the study team, Minister of Petroleum Sameh Fahmi said that direct exports of natural gas will save $700 million in investment that would otherwise be spent on refining it on the mainland for eventual re-export.

Fahmi added that the company, which is in charge of the 41-square kilometer concession area, is working on an interim evaluation of four newly-discovered gas fields.

Only one third of any natural gas discovery is allocated for export, Fahmi said, adding that another third is used for current domestic needs.