Italy’s Eni Finds ‘Supergiant’ Natural Gas Field off Egypt

31 Aug 2015 | Author: | No comments yet »

Egypt gas discovery could become one of the world’s largest natural-gas finds: ENI.

Italy’s Eni has discovered gas reserves of up to 30 trillion cubic feet in the Zohr prospect in Egypt’s Mediterranean, making it the biggest gas discovery ever in Egypt, the Egyptian petroleum ministry said on Sunday. “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.

Eni, which is state-owned, has been operating in Egypt through its subsidiary IEOC Production B.V. since 1954 with a current daily production of 200,000 barrels of oil equivalent. During Egypt’s economic development conference in March the company signed heads of agreement with the Egyptian government worth $5 billion over a period of 4-5 years. Egypt’s petroleum ministry confirmed the discovery in a separate statement. “Egypt has still great potential,” Claudio Descalzi, the company’s chief executive officer, said in the statement. “This historic discovery” will transform the energy industry in Egypt.

Egypt has been experiencing an energy crunch since the summer of 2008, but the energy sector took a blow following the 2011 uprising as arrears to foreign oil firms accumulated and production slowed. The country garnered some $40 billion in energy deals during the development conference held in March as part of the government’s plans to boost an economy battered by more than four years of political upheaval. Italy is one of Egypt’s largest trading partners with $6 billion worth of mutual trading value in the 2013/2014 fiscal year, Egyptian central bank data shows.

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