• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days The United States produced more crude oil than any nation, at any time.
  • 9 days e-truck insanity
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days Bankruptcy in the Industry

Breaking News:

Traders Bet on $100 Oil at Record Pace

Uzbekistan's Natural Gas Crunch Squeezes State Coffers

Uzbekistan's Natural Gas Crunch Squeezes State Coffers

Uzbekistan, once a gas exporter,…

Argentina Taps Waste Gas To Mine Bitcoin

Argentina Taps Waste Gas To Mine Bitcoin

Crypto companies are tapping into…

Conflicts Could Put West Africa's Oil Supply At Risk

Conflicts Could Put West Africa's Oil Supply At Risk

Potential spillover of conflicts to…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Eni Announces Supergiant Gas Discovery Off Egyptian Coast

Eni Announces Supergiant Gas Discovery Off Egyptian Coast

Italian oil company Eni announced on August 30 that it may have discovered one of the world’s largest natural gas fields off the coast of Egypt.

The company said that the discovery may hold 30 trillion cubic feet of natural gas in place (5.5 billion barrels of oil equivalent) over an area of 100 square kilometers. Not only is that enough to rank it as the largest find ever made in the Mediterranean Sea, but that ranks as one of the top in the world. Eni says that, when fully developed, the Zohr field could provide enough gas to satisfy Egypt’s natural gas demand for decades.

The Eastern Mediterranean has emerged as one of the most important gas regions across the globe in recent years. Egypt’s neighbor Israel has ambitious plans to develop its huge gas fields. In 2009, Noble Energy discovered the Tamar field in Israeli waters, a major discovery that may hold 10 trillion cubic feet of natural gas. They topped that find with an even larger discovery in 2010 – the Leviathan. Related: OPEC Divorce And Self-Destruction Thanks To Saudi Oil Strategy?

Although Noble Energy and its partners have run into some trouble with Israeli regulators, which has slowed development, the Israeli government has recently cleared up their regulatory policy, hopefully easing the way for the large gas fields to be move towards production. Eni’s discovery further proves the potential for the Eastern Mediterranean.

For Egypt, Eni’s huge discovery could be a godsend. The country has suffered from energy shortages and blackouts, and has resorted to importing LNG to meet the shortfall. Related: Why Saudi Arabia Won’t Cut Oil Production

“This historic discovery will be able to transform the energy scenario of Egypt in which we have been welcomed for over 60 years,” said Eni’s CEO Claudio Descalzi, referring to his company’s long-standing presence in Egypt. “I think we can discover more,” Descalzi told the Financial Times. Drilling could begin next year with first production beginning shortly afterwards.

The success follows a $2 billion agreement with the Egyptian oil ministry in June 2015, which allowed the Italian company to explore in the Sinai, the Gulf of Suez, offshore in the Mediterranean, and in the Nile Delta.

By Charles Kennedy of Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News