"Pay up or dry up"

LONDON (Reuters) - An offshore gas find in the Nile Delta is strong new evidence that Egypt has the resources to end power cuts and get export income flowing again. Its challenge is to persuade wary international oil companies to develop them.

In the deepest well ever drilled in the delta, some 7 km under the sea bed and in 649 metres of water, BP has found a 50 km-long structure with a hydrocarbon column over 180 metres deep, the British oil multinational announced on September 9.

With an estimated 1.2 trillion cubic feet or more, the well, named Salamat, will not by itself make a significant dent in Egypt's chronic energy shortage or revive its flagging exports. But as one of only a handful drilled into Oligocene Nile Delta rocks to date, it is suggestive of some very productive geology at these extreme depths.

"What's significant about this discovery is that it was really expensive at about $380 million to drill. Despite the high cost, BP clearly believes in the potential of some of the deeper plays," said analyst Martijn Murphy of Wood Mackenzie.

 

Egypt might finally get out from the hardship they´ve been through this last years. With this suitable finding, all the power cuts in Egypt might cease. I am really glad that after all the trouble they´ve passed through, this event can be the returning to peace.

 

Psalm 85:8

I will listen to what God the LORD will say; he promises peace to his people, his saints-- but let them not return to folly.

 

 

 

 

 

 

 

 

http://news.yahoo.com/pay-dry-egyptian-gas-crossroads-092826409--finance.html