Eni discovers ‘supergiant’ gas field off Egypt

Zohr ProspectThe Italian energy company Eni has discovered a “super giant” natural gas field off the Mediterranean coast of Egypt, it announced yesterday, in what it is claiming is the largest ever find in the Mediterranean Sea. The deep-water deposit in the Zohr Prospect in the Shorouk block may hold 30 bn³, equivalent to 5.5 bn barrels of oil, it said in an e-mailed statement. 
Eni, which wholly owns the license for Shorouk, said the discovery validates its strategy of exploring mature areas. Egypt’s petroleum ministry confirmed the discovery in a separate statement.
“Egypt still has great potential,” the company’s chief executive officer Claudio Descalzi, said in the statement. “This historic discovery” will transform the energy industry in Egypt, he said. Eni will start drilling more wells and installing pipelines next year and may see the first fruits of the project in about 2018, he told La Repubblica today.
 Egypt’s energy demand is rising as the Arab world’s largest population grows, making the country more reliant on imports provided by Persian Gulf states. The latest discovery will contribute to Egyptian supply for decades, Eni said. The field is located about 129 km off the Egyptian coast, 1,450 meters below the surface

Source: Bloomberg