** https://egyptoil-gas.com/news/petroleum-minister-inspects-drilling-operations-at-north-marakia-offshore-block/
In a significant development for Egypt's energy sector, ExxonMobil and QatarEnergy have successfully identified gas-bearing reservoirs while drilling in the North Marakia Block off Egypt's Mediterranean coast. The partners are utilizing the Valaris DS-9 drillship, which has a designed rating to operate in waters up to 12,000 feet deep and reach drilling depths of 40,000 feet below the surface.
The project's success hinges on the partnership between ExxonMobil, holding a 60% share, and QatarEnergy with 40%. They've already identified two promising gas-bearing layers in the Cretaceous formation, working at a water depth of 1,720 meters.
The discovery's timing is particularly favorable, as Egypt aims to boost its energy exploration with plans to sign 15 new agreements and drill at least 46 wells by the end of 2025.
What makes this find particularly exciting is its relatively shallow depth of 2,700 meters and its proximity to existing facilities, making development faster and more cost-effective. This aspect is highlighted in the words of the Egyptian Ministry of Petroleum and Mineral Resources, who noted that the shallow depth and location "would facilitate quick and efficient development, especially given its proximity to existing facilities with sufficient capacity".
Egypt has been actively promoting its energy exploration, with recent investments and discoveries underscoring the potential of the Mediterranean region. The country plans to invest $1.2 billion in drilling 110 exploratory wells in the fiscal year 2024/2025 to enhance its oil and gas production capabilities.
This effort is part of a broader strategy to attract foreign investments by adopting innovative strategies and maximizing the use of modern capabilities in digital transformation and artificial intelligence technologies across various sector activities.
Minister Karim Badawi has emphasized the importance of continued coordination and cooperation with foreign partners to ensure the necessary fuel supplies for power plants, stating, "We will coordinate with foreign partners to schedule and settle outstanding dues to encourage them to invest more in increasing oil and gas production as quickly as possible. We aim to establish incentive mechanisms to enhance production programs and expedite exploration programs, benefiting both parties".
This discovery is part of a broader picture, with other major players like Chevron and Eni also exploring the Mediterranean region. It's contributing to global efforts to meet rising energy demands while moving toward cleaner-burning fuels.
Sources:
- Vessel Details: https://www.vesselfinder.com/vessels/details/9666572
- Egypt's Energy Investment: https://www.arabnews.com/node/2549991/business-economy
- ExxonMobil's Gas Discovery: https://africanenergycouncil.org/exxonmobil-strikes-gas-in-egypt/
- Valaris DS-9 Specifications: https://s23.q4cdn.com/956522167/files/doc_rigspecs/drillships/VALARIS-DS-9.pdf