Italy's Edison Makes Gas Find in Egypt

March 31, 2009
Adam L. Freeman, Bloomberg

Edison SpA, Italy’s second-biggest electricity producer, discovered gas at its field in Egypt, helping it use more of its own fuel sources to run power plants.

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.

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