The Italian energy giant Eni announced a massive new natural gas discovery on Sunday, reported Reuters.
The discovery was made in Egypt’s Zohr field at a depth of more than 1,400 meters.
Several reports are circulating that the new find could be the biggest ever made in Egypt or throughout the entire Mediterranean.
Eni immediately released a statement confirming the magnitude of the find, stating, “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.” The statement went on to add that, “the discovery, after its full development, will be able to ensure satisfying Egypt’s natural gas demand for decades”
If proven true, the development would come as a welcome relief for the country. Egypt has struggled for years to meet domestic demand for natural gas, much of which is used in electricity production.
Eni has operated in Egypt for nearly 60 years through its subsidiary IEOC. It is currently producing about 200,000 b/d in the country. Large investments were recently made in other areas of Egypt; including a deal worth $2b in the Gulf of Suez.