The Egypt Option

Noble is seriously considering using one or both of Egypt’s underutilized LNG export terminals for the second stage development of its east Mediterranean fields.

“It’s certainly a very real option,” Noble Chairman Charles Davidson told the company’s Q1 conference call. “We’re at the early stages. But clearly [it’s a] big opportunity… the underutilized existing LNG plants that are in Egypt. And you’ve got two major opportunities there with the BG facilities as well as Union Fenosa,” he says referring to the BG-operated 7.2mn t/year Egyptian LNG plant at Idku which due to a lack of gas last exported a cargo in late 2013 (see p4) and the 5mn t/year Segas facility at Damietta operated by Spain’s Union Fenosa where exports halted in late 2012. (CONTINUED - 455 WORDS)