Italy's Eni finds giant Egypt gas field

  • 31/08/2015
Italy's Eni finds giant Egypt gas field

The Italian energy company Eni SpA has announced it has discovered a "super giant" natural gas field off Egypt, describing it as the largest ever found in the Mediterranean Sea.

The news came a day after Eni CEO Claudio Descalzi met in Cairo with Egyptian President Abdel-Fattah el-Sisi, the Egyptian leader's office said.

Eni says the discovery - made in its Zohr prospect "in the deep waters of Egypt" - could hold a potential 30 trillion cubic feet of gas over an area of 100 square kilometres.

The discovery well is 190km from the Egyptian coast, and is at a depth of 1450 metres in the Shorouk Block, the company said.

The block is about 107km from Port Said.

"Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea and could become one of the world's largest natural gas finds," Eni said in a statement on Sunday.

"The discovery, after its full development, will be able to ensure satisfying Egypt's natural gas demand for decades.

Eni says it will immediately appraise the field with the aim of accelerating a fast-track development of the discovery.

Descalzi was quoted by Eni as saying that the discovery reconfirms that "Egypt still has great potential" energy-wise.

Eni has been in Egypt since 1954 through its subsidiary IEOC.

Egypt's petroleum ministry said that the find was equal to about a third of Egypt's current gas reserves.

"The Egyptian government is very happy with this find," ministry spokesman Hamdi Abdelaziz said, adding that the gas will be extracted for domestic consumption only.

"We hope to become self-sufficient by 2020," he added.

The Government cannot yet place a monetary value on the discovery, he said.