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Edison SpA Discovered Gas in Egypt

Edison SpA, Italy’ s second-biggest electricity producer, discovered gas at its field in Egypt

The company, which aims to use its own sources for 15 percent of its fuel needs, found natural gas amounting to 1.8 million cubic meters a day as well as daily production of 850 barrels of oil, at its Abuquir field, Milan-based Edison said today in stock-market statement.

The utility may sell 25 percent of the field, which cost it $1.5 billion euros plus investment pledges of $1.7 billion. The Abuquir deposit holds 70 billion cubic meters of natural gas equivalent, and Edison is entitled to 40 percent.

Author: Ksenia Kochneva

Source : Bloomberg