Eni Finds Biggest Gas Field in Mediterranean Off Egyptian Coast

31 Aug 2015 | Author: | No comments yet »

‘Supergiant’ gas field found off Egyptian coast.

Announcement from Italian energy company says field may hold 30 trillion cubic feet of natural gas; Egypt says parliamentary elections to take place in October.Cairo — Italian energy giant ENI on Sunday announced the discovery of the “largest yet” offshore natural gas field in the Mediterranean inside Egypt’s territorial waters. The discovery, confirmed by Egypt’s oil ministry, could hold a potential 850 billion cubic metres of lean gas in an area of about 100 square kilometres, it said in a statement.

He said “important synergies with the existing infrastructures can be exploited, allowing us a fast production startup.” Eni has been in Egypt since 1954 through its subsidiary IEOC. State-controlled Eni, the biggest foreign producer in Africa, has operated in Egypt for more than 60 years through its Egyptian subsidiary IEOC and is one of the main energy producers in the country, with a daily output of 200,000 barrels of oil equivalent. It said Eni’s CEO, Claudio Descalzi, has visited Cairo and discuss the discovery with Egyptian President Abdel Fattah El-Sissi and Prime Minister Ibrahim Mahlab. The firm said it will “immediately appraise the field with the aim of accelerating a fast track development of the discovery,” giving a timeframe of four years.

In March, British energy giant BP unveiled plans to invest $12 billion in Egyptian offshore gas fields with Russian partner DEA, despite the slump in world oil prices. Egypt has been without a parliament since June 2012 when a court dissolved the democratically elected main chamber, reversing a major accomplishment of the 2011 uprising that toppled autocrat Hosni Mubarak. Then military chief Abdel Fattah al-Sisi, who went on to become president, toppled Egypt’s first freely elected president, Islamist Mohamed Mursi, in 2013 after mass protests against his rule.

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