Italian energy and gas company Eni discovered a “supergiant” natural gas field off the coast of Egypt, according to a statement released 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.
“The discovery, after its full development, will be able to ensure satisfying Egypt’s natural gas demand for decades.”
The news came a day after Eni CEO Claudio Descalzi met in Cairo with Egyptian President Abdel-Fattah el-Sissi, the Egyptian leader’s office said.
According to well and seismic information, Zohr could hold a potential of 30 trillion cubic feet of gas and an estimated 5.5 billion barrels of oil. It covers an area of about 100 square kilometres.
The discovery well is about 120 miles from the Egyptian coast, and is at a depth of 4,757 feet in the Shorouk Block, the company said.
“Eni will immediately appraise the field with the aim of accelerating a fast-track development of the discovery,” the energy company said.
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 is the main hydrocarbon producer in Egypt, with a daily equity production of 200,000 barrels of oil equivalent, the company said.
The company’s largest natural gas find was at the Mamba field in Mozambique, where it found 75 trillion cubic feet of gas in the offshore deposit, Bloomberg reports.
As reported by Business Insider