Subsea Middle East Steps Up with Aramco Red Sea Gas Discovery
The prospect of further subsea opportunities in the Middle East was re-stirred last week with the announcement that Aramco has discovered large quantities of gas in the Red Sea. No specifics were forthcoming other than the news that detailed feasibility studies will be conducted over the next two years as the Kingdom looks to greater access to gas reserves and LNG.
The news coincides with the first Egyptian Red Sea licensing round which is under way. Almost written off ten years ago as a declining oil and gas production nation, Egypt has announced it produced 1.8 mpdboe in February which means the territory now produces more than the United Kingdom. Egypt’s production transformation has been dominated by four mega projects in the Mediterranean: Zohr, North Alexandria, Nooros and Atoll fields. Total investment has now exceeded US$27 billion and maximum production rates will reach 6.5 bcf/d by the completion of all the fields’ phases.