Will Egypt become richer than Saudi Arabia? Cairo announces the discovery of the world’s largest gas field, and real wealth is knocking on the doors of the Egyptians

Riyadh – Yasser Al-Jarjoura on Saturday, November 2, 2024 09:17 AM – Since assuming the leadership of the country, the President of Egypt Abdel Fattah Al-Sisi has been working to diversify the economy of the country To follow Egypt, which is considered the second largest. economy in Africa in terms of nominal gross domestic product, and remains 42nd in the world ranking as of 2024, and according to the diversification policy of the Egyptian economy, Egypt has moved to produce its natural resources, especially natural gas, and has achieved remarkable success in doing so, the most recent of which was the discovery of a large gas field west of the Nile Delta, which raised the hopes and aspirations of the street, and one of them asked about the possibility of Egypt overcoming economic obstacles if the use and best use of this large area is made, which could make it richer than Saudi Arabia, which according to him.

Will Egypt become richer than Saudi Arabia? Cairo announces the discovery of the world’s largest gas field, and real wealth is knocking on the doors of the Egyptians

The Raven gas field is one of the fields in the west of the Nile Delta including 5 fields in which 25 wells sit on top of large reserves, and the state is counting on it to increase the size of the increase total production of natural gas.

According to the special energy platform based in Washington, a large drilling ship belonging to the British oil company “BP” has started its mission in Egypt, in the area of ​​the West Nile Delta offshore areas in the Mediterranean Sea. .

The platform explained that the ship “Valaris DS-12” started offshore drilling for two new development wells to produce natural gas and condensates at the western site of the Raven gas field. This is to increase Egypt’s natural gas production as quickly as possible, to meet the growing local demand, especially in the electricity sector.

It should be noted that the drilling vessel “VALARIS DS-12” entered service in 2013, flying the flag of the Solomon Islands, and has a total length of 780 feet (238 meters), and its width is about 137.8 feet (42.04 meters). .

The ship went to the Raven gas field, located on the Mediterranean coast, on July 2, and is equipped with the latest technologies that make it possible to work in waters with a depth of about 7,500 feet, and she can also operate at a maximum depth of 12,000 feet.

Valaris DS12

Egypt aims to add new production volumes of natural gas, from the two wells (West Raven-4 and West Raven-5), which are being drilled within the plan to develop the Raven field. These volumes are estimated to be around 200 million cubic feet per day.

The work of the latest drilling vessel is expected to add about 8,000 barrels per day of condensate in the third quarter of the current fiscal year 2024-2025, according to figures reviewed by the Energy Platform Special (based in Washington).

The amount of investment required to drill the two wells is approximately $200 million. The drilling vessel is expected to participate in the completion of two wells in the Giza and Fayoum regions of the Mediterranean Sea, with investments of approximately 120 million dollars, after drilling and completion of the two wells in Raven’s field.

It should be noted that Egypt is – officially – self-sufficient in gas, but the recent decline in production, especially from the Zohr field, which is considered the most largest in the country, and the Raven field, has encouraged the country to buy liquefied gas from abroad to overcome the production deficit crisis, according to what was published by the “Offshore Energy” website.

The Raven field is connected to several other projects, such as the connection project with the Western Desert Gas Complex, a large oil complex that serves the needs of the local market and includes petrochemical complexes of natural gas products.

The British oil company BP manages Egypt’s gas field, under the direct supervision of the Ministry of Petroleum. He owns about 83% of it, and the company “Sub C7” is responsible for construction work in the field, which is part of the West Nile Delta offshore project.

According to site data; The production of the large gas field is about 600 million standard cubic feet per day, and the state’s efforts continue to develop and increase production to about 900 million standard cubic feet per day.

The British oil company “BP” had decided to continue its oil and gas drilling and exploration activities in Egypt, after receiving a commitment from the Egyptian government to pay its fees of $1.6 billion registration, which is considered arrears to Cairo.