Edison finds natural gas off Nile Delta

Edison has discovered a new natural gas deposit in the Rosetta concession, in the waters off the Nile Delta. The Rosetta-11 exploratory well has revealed a large structure going through to the Plioscene layer.

The discovery in the Rosetta-11 well marks the end of the exploratory phase in the Rosetta concession, started in April 1997, and which, in January 2001, began producing the first natural gas for sale on the Egyptian market. The 2.7 bcm/year of gas produced is transported to the Egyptian network via a 66 km underwater pipeline.

Activities in the Rosetta concession are conducted by a joint venture in which Edison has a 20% interest, with the BG Group and Shell Egypt NV holding 40% each. Edison, BG Group, and Shell Egypt NV have already presented an application to the state oil company Egyptian General Petroleum Corp. to start developing the new field with approval expected to come by the end of this year.

06/23/03