Sep 21 2005 |
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Centurion Energy Announces Expansions Plans in Egypt's Oil Industry, Eyes LNG Projects
Cairo (APD) - Canada-based Centurion Energy International Inc. is planning to expand its Egyptian gas sales by developing two new Exploration concessions, West Manzala and West Qantara, Centurion Energy said in a statement Tuesday.The two new concessions are surrounding Centurions significant discoveries in the El Wastani and South Manzala Production Leases.
Centurion's strategy is to develop the new concessions during 2006 and assuming exploration success will have the ability to deliver an additional 50,000 barrels of oil equivalent per day (boepd) of natural gas and associated liquids by the end of 2007 during the development process. Centurion's current target is to increase 2005 production by 25,000 boepd during 2006 from new discoveries in Egypt.
However, Centurion hopes such volumes will be subsequently contracted to the LNG market when capacity is available from Egypt's existing or future Liquefied Natural Gas (LNG) plants.
Centurion said it is investigating potential participation in existing or planned LNG plants.
Egypt has exported last January its first LNG shipment that to Spain with 58,000 tons of LNG from its first natural gas liquefaction plant in the Mediterranean city of Damietta, which is owned by the Spanish Egyptian Gas Company (Segas) . The plant's LNG train is designed to process almost 7.6 billion cubic meters a year of natural gas.
Union Fenosa Gas, a joint venture between Spain's Union Fenosa and Italy's ENI, owns 80% of SEGAS. State-owned companies Egyptian General Petroleum Corporation (EGPC), and Egyptian Natural Gas Holding Company (EGAS) jointly owns the remaining 20% stake in SEGAS.
Egypt's gas reserves increased 7 trillion cubic feet (tcf) to reach 67 trillion cubic feet (tcf) by last April.
Revenues from oil exports are Egypt's major foreign currency earners along with revenues from Suez Canal, tourism and remittances from Egyptian aboard. [FC]
By Eman Wahby
© APD (Arab Press Digest) 2005
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