The Italian energy company Eni SpA announced Sunday 30th of August that it has discovered a “supergiant” natural gas field off Egypt, describing it as the “largest-ever” found in the Mediterranean Sea. The news came a day after Eni CEO Claudio Descalzi met in Cairo with Egyptian President Abdel-Fattah El-Sissi and Prime Minister Ibrahim Mehleb, the Egyptian leader’s office said. Eni presented a report with all the discovery details to the ministry of petroleum Shereef Ismail. Eni said the discovery made in its Zohr prospect “in the deep waters of Egypt” could hold a potential 30 trillion cubic feet of gas over an area of 100 square kilometers (38.6 square miles).
The discovery well is 190 kilometers (about 120 miles) from the Egyptian coast, and is at a depth of 1,450 meters ( 4,757 feet) in the Shorouk Block, the company said. The block is about 107 kilometers (66 miles) from Port Said. “Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea and could become one of the world’s largest natural gas finds,” Eni said in a statement. “The discovery, after its full development, will be able to ensure satisfying Egypt’s natural gas demand for decades. ‘’This historic discovery will be able to transform the energy scenario of Egypt, which we have been welcomed for over 60 years” said Claudio Descalzi, chief executive of Eni.”
“Eni will immediately appraise the field with the aim of accelerating a fast-track development of the discovery,” the energy company said. Descalzi was quoted by Eni as saying that the discovery reconfirms that “Egypt still has great potential” energy-wise. He said “important synergies with the existing infrastructures can be exploited, allowing us a fast production startup. “Eni has been in Egypt since 1954 through its subsidiary IEOC. It is the main hydrocarbon producer in Egypt, with a daily equity production of 200,000 barrels of oil equivalent. Eni, which has full concession rights to the area, is the biggest foreign energy firm in Africa. In June, it signed an energy exploration deal with Egypt’s petroleum ministry worth $2bn (£1.5bn) allowing the company to explore in Sinai, the Gulf of Suez, the Mediterranean and areas in the Nile Delta.
Eni’s find follows other significant gas discoveries in the Mediterranean in recent years. Eni will complete the digging activities the beginning of the first year by digging three wells. It is expected that the exploration operations will last for 4 years to participate in satisfying the local needs of natural gas. Eni announced that it will exert its greatest efforts to finish its operation before the announced timeline. The Petroleum minister Sherif Ismail announced that this discovery come as result of petroleum agreements that were signed in the last two years and a half, that reached 56 agreements with minimum investments of 13 billion US dollars, in addition to digging minimum 254 wells, as well as 21 new agreements.
This Discovery as recounted by Ismail will attract more investments, and increase the production the matter that will achieve the ministry strategy.
