E&P: Egypt Warms Up Mediterranean Market

Think of the European offshore sector, and most people’s thoughts turn to the cold waters of the North Sea and its relative lack of new projects. But activity in the far more welcoming waters of the Mediterranean Sea is warming up fast, with Egypt’s offshore sector leading the way.

The Mediterranean is of course a well-established producing province in its own right, with more than 200 active offshore platforms on mature fields in its northern and southern waters. But while countries such as Spain, Italy and Greece have continued to struggle to find much to cheer them in their domestic waters in recent years, the well-publicized discoveries in the eastern Mediterranean offshore Israel have shown that its potential—especially for gas—remains more than achievable.

But to the south lies Egypt, a country that began producing offshore in the 1960s in the Gulf of Suez and which, after the 2011 revolution that caused a hiatus of several years while the industry sat back and waited for the cards to fall, is now full speed ahead with its plans to secure its energy future.

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