A “supergiant” gas field holding the equivalent of 5.5bn barrels of oil has been discovered off the coast of Egypt, the largest ever find in the Mediterranean.
Italian oil group Eni, which announced the discovery on Sunday, said the find was enough to supply Egypt with gas for decades, in a major boost to the country’s struggling economy.
The deepwater Zohr well, almost 5,000 feet below the water’s surface and covering 100 square kilometres (40 square miles), may hold 30 trillion cubic feet of gas or more. Eni said it would fast-track the development of the discovery to begin production as soon as possible.
“This historic discovery will be able to transform the energy scenario of Egypt in which we have been welcomed for over 60 years,” said Claudio Descalzi, Eni’s chief executive.
The Italian company is one of Europe’s biggest oil groups and the biggest foreign energy company in Africa. Eni said Mr Descalzi had recently travelled to Egypt to discuss the findings with the country’s president, Abdel Fattah Al-Sisi.
As well as being the biggest ever gas discovery in the Mediterranean, Eni said the Zohr field “could become one of the world’s largest natural-gas finds”.
Full article: ‘Supergiant’ gas field discovered in Mediterranean (The Telegraph)