Italian firm makes huge gas discovery inside Egypt territorial waters

Friday 28/08/2015
Main hydrocarbon producer in Egypt

CAIRO - Italian energy giant ENI on Sunday announced the discovery of the "largest ever" offshore natural gas field in the Mediterranean inside Egypt's territorial waters.
The discovery confirmed by Egypt's oil ministry, could hold a potential 30 trillion cubic feet (850 billion cubic metres) of lean gas in an area of about 100 square kilometres (40 square miles), it said in a statement.
The news of the discovery— made in Eni’s Zohr prospect "in the deep waters of Egypt" — came a day after Eni CEO Claudio Descalzi met in Cairo with Egyptian President Abdel-Fattah el-Sissi, the Egyptian leader's office 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.
"The discovery, after its full development, will be able to ensure satisfying Egypt's natural gas demand for decades."
Descalzi was quoted by Eni as saying that the discovery reconfirms that "Egypt still has great potential" energy-wise.
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.
It's the main hydrocarbon producer in Egypt, with a daily equity production of 200,000 barrels of oil equivalent, the company said.

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