Recent Gas Find in Egypt Will Attract More Players

Recent gas discovery by BP in in the North Damietta Concession offshore Egypt will boost country’s reserves, Minister of Petroleum and Mineral Wealth Sherif Ismail said on Sunday.

In press statements, Ismail said the discovery opens the door for international companies to intensify excavations in the depth of the Mediterranean, Egypt Online reported.

The Egyptian Natural Gas Holding Company (EGAS) Chairman Taher Abdel-Rehim said it took one year to dig the 7,000-meter well. This the deepest well dug so far in the Mediterranean Sea.

This area is expected to have about 1.2 trillion cubic meters of natural gas, according to initial estimates of BP.