It has become quite normal that ambitions of Petroleum and natural gas multinational firms drift, and now will drift even more towards the land of the pharaohs. Around here in our precious Egypt we are used to major investments by multi-national companies, who approach the region with huge investments whether in search of petroleum, gas or other mineral wealth, especially that our deserts, mountains, and offshores do have a wealth of such treasures, or for other multiple forms of investments that range from touristic projects to banks, and commercial investments.
However, we have to admit that the recent news announced by Italian Eni had a totally different flavor of joy.
The Italian Eni discovered a “super giant” natural gas field in the Shorouk Block in Egypt in what the Italian oil company said is the largest find in the Mediterranean Sea.
The deep-water deposit in the Zohr Prospect in the Shorouk block may hold 30 trillion cubic feet of gas, equivalent to 5.5 billion barrels of oil, Eni said in an e-mailed statement on Sunday. Eni, which wholly owns the license for Shorouk, said the discovery validates its strategy of exploring mature areas. Egypt’s petroleum ministry confirmed the discovery in a separate statement.
“Egypt has still great potential,” Claudio Descalzi, the company’s chief executive officer, said in the statement.
“This historic discovery” will transform the energy industry in Egypt, he said. Eni will start drilling more wells and installing pipelines next year and may see the first “fruits” of the project in about 2018, Descalzi said in an interview with Italian daily La Repubblica Monday.
Now we can confirm that Egypt achieved a reputation of being trustworthy, and recently major financial institutions do approach it for investment opportunities, especially with the new Suez Canal and the upcoming projects surrounding it, plus, the newly discovered super giant gas field.
At this point I do believe that Egyptians feel optimistic, and they are definitely looking forward for more positive joyful news.
