The discovery of a ‘super giant’ natural gas field off the coast of Egypt is set to help the country bridge its energy gap.
Eni SpA say deep-water deposit in the Zohr Prospect is the largest find in the Mediterranean Sea, holding up to 30 trillion cubic feet of gas, equivalent to 5.5 billion barrels of oil.
“Egypt has still great potential,” Claudio Descalzi, the Italian company’s chief executive officer, said in the statement. “This historic discovery” will transform the energy industry in Egypt, he said.
“A find of this size should be enough to cover a lot of Egypt’s energy gap,” Robin Mills, a Dubai-based analyst at Manaar Energy Consulting, told Bloomberg. “They’ll likely have to meet domestic needs first, before any export plans are discussed.”
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