Egypt still a good gas market

There is still a good market in Egypt both for internal consumption and for exports, says Country Manager of Noble Energy International Cyprus Gene Kornegay, and Noble is working hard to make it a success in terms of coming to agreements.

Addressing the Economist`s 11th Cyprus Summit in Nicosia, on Tuesday, Kornegay also said Noble is currently doing two main things in Cyprus.

“We are in the process of finalising our development plan, in collaboration with the government of Cyprus”, he noted, adding that “it’s a collaborative process and we hope that it will be completed in the next few months.”

Kornegay also said Noble Energy was “busy marketing the gas”. The market in Cyprus is relatively small and not sufficient to support the development of the Aphrodite field, although gas will come to the island of Cyprus, he explained. The markets available to us now are in Egypt, he said, adding that the gas will be transported via a pipeline.

He congratulated his colleagues at ENI Egypt for the Zhor field find, but stressed that reports that the discovery has killed the market for imported gas in Egypt, “have been greatly exaggerated”.

“We believe there is still a good market in Egypt both for internal consumption and for exports and we are working hard to come to some agreements,” he said.