• 1 hour Keystone Pipeline Restart Still Unknown
  • 5 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 7 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 9 hours Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 11 hours German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 12 hours Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 14 hours Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 1 day Oil Prices Rise After API Reports Major Crude Draw
  • 1 day Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 1 day Gazprom Speaks Out Against OPEC Production Cut Extension
  • 1 day Statoil Looks To Lighter Oil To Boost Profitability
  • 1 day Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 1 day Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 2 days Thanksgiving Gas Prices At 3-Year High
  • 2 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 2 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 2 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 2 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 2 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 5 days Shell Oil Trading Head Steps Down After 29 Years
  • 5 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 5 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 5 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 5 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 6 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 6 days Rosneft Announces Completion Of World’s Longest Well
  • 6 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 6 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 7 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 7 days Santos Admits It Rejected $7.2B Takeover Bid
  • 7 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 7 days Africa’s Richest Woman Fired From Sonangol
  • 7 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 7 days Russian Hackers Target British Energy Industry

Breaking News:

Keystone Pipeline Restart Still Unknown

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

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News