Major Natural Gas Discovery Offshore Egypt; Striving for Self-Sufficiency by 2030
Egypt has discovered a new natural gas field with reserves of 2 trillion cubic feet offshore in the Eastern Mediterranean, aiming for oil and gas self-sufficiency by 2030. This discovery is located in the Temsah concession area, close to existing infrastructure, and is also expected to produce 130,000 barrels of condensate daily. Facing increasing energy demand due to population growth, Egypt is implementing power-saving measures and expanding renewable energy plans to cope with supply chain disruptions and rising fuel prices caused by the Middle East conflict. Italy's Eni Group plans to invest $8 billion over the next five years to support Egypt's energy development.
Source: www.cna.com.tw