• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Why hydrogen economics is does not work
  • 4 hours Starvation, horror in Venezuela
  • 3 mins The EU Loses The Principles On Which It Was Built
  • 39 mins Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 3 hours Crude Price going to $62.50
  • 4 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 20 hours Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 13 hours Chinese EV Startup Nio Files for $1.8 billion IPO
  • 24 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 1 day Correlation does not equal causation, but they do tend to tango on occasion
  • 1 day WTI @ 69.33 headed for $70s - $80s end of August
  • 24 hours Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 1 day California Solar Mandate Based on False Facts
  • 1 day Monsanto hit by $289 Million for cancerous weedkiller
Alt Text

The U.S. Remains The Natural Gas King

The U.S. remained the global…

Alt Text

Is This The Next Natural Gas Giant?

Nigeria has long been renowned…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

Eni Hopes To Develop Supergiant Gas Field By 2017

Eni Hopes To Develop Supergiant Gas Field By 2017

Egypt offers a bright spot for natural gas development, a lone bright spot in an energy world undergoing harsh austerity.

The friendly business environment in Egypt right now stems, in part, from a painful shortage in energy. Egypt has suffered blackouts due to shortages in natural gas, and has been scrambling to make up for the shortfall. Natural gas prices are regulated, and the state gas company, EGAS, has offered generous prices for gas in order to attract investment. Related: A Lasting Solution To Low Oil Prices

The Financial Times reports that the blackouts have eased a bit since 2015. But a more enduring solution could soon arrive as Italian oil giant Eni develops the gigantic Zohr natural gas discovery in the Mediterranean Sea. The field could hold 30 trillion cubic feet of natural gas, enough to make it the largest gas discovery ever recorded in the Mediterranean.

Eni announced the discovery in the summer of 2015, an event that was so exciting that the Italian company fast tracked its development.

Eni’s CEO Claudio Descalzi recently said that his company will spend 20 billion euros ($22.5 billion) in Africa over the next four years, which will eat up 60 percent of the company’s outlays over that time period. Much of that will occur in the Zohr field, which could cost $14 billion. Related: Worldwide Oil Production Outages Bump Up Oil Prices

Egypt also hopes that other companies like BP will make other natural gas discoveries. BP is looking to develop its gas discoveries in the Nile Basin.

But for Egypt, the Zohr project looms large, which Wood Mackenzie says could be “transformational” for the country. Eni says that Zohr is expected to come online in 2017 and produce 2.6 billion cubic feet per day by 2019. That is the equivalent to 40 percent of Egypt’s total gas production in 2015. Eni will have a ready and hungry market in Egypt, and the gas could help erase the country’s energy deficit.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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