Petroceltic set to drill in Egypt next year

Irish exploration firm, Petroceltic is expected to begin drilling next year at one of its prospects located close to a recent huge gas discovery off the coast of Egypt.

Last month, Italian energy group Eni reported the discovery of what has already been estimated as being one of the world’s largest natural gas fields, stretching for 100 sq km and potentially holding as much as 30 trillion cubic feet of gas, or 5.5bn barrels of oil equivalent (boepd).

According to Eni, the Zohr field could become one of the world’s largest natural gas finds, helping to meet Egypt’s gas needs for decades to come.

The find has also widened interest in Petroceltic, which holds two licences, one awarded in 2013 and the other late last year, around 5km west of Zohr.

Eni’s mega-find could aid Petroceltic’s Egypt plans | http://t.co/qtfRzlyUKV (DOD) pic.twitter.com/hfwtvCHztg

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The North Thekah and North Port Fouad licences cover a combined acreage of about 7,000 sq km.

Speaking last year, at the time of the North Port Fouad licence award, Petroceltic’s chief executive, Brian O’Cathain, noted that the company’s new Egyptian blocks are located in an area of the Mediterranean Sea which has yielded “several world class” discoveries in recent years; something obviously lent more weight by Eni’s recent announcement.

It is understood that Petroceltic will now drill at the North Thekah licence next year, after receiving results from 3D seismic activity before the end of this year.

It is also believed that a similar 3D survey to the programme carried out there will proceed at North Port Fouad.