“Reports of the death of the gas market in Egypt have been greatly exaggerated” says Noble Energy’s Vice President and Country Manager for Cyprus Gene Kornegay.

The Noble Executive spoke at The Economist Cyprus Summit in Nicosia on Tuesday, stating that the company remains confident that despite the massive Zohr Field discovery, Egypt will remain a strong market for natural gas in the immediate future, reported In Cyprus

“We believe there is still a good market in Egypt both for internal consumption and for exports and we are working hard to make it a success in terms of coming to agreements,” said Kornegay. He added that the Zohr discovery “does not consume all the market in Egypt,” a fact that Egyptian officials had confirmed in conversations with him.

In reference to noble’s gas sales to Egypt, Kornegay stated that “some of the market in Egypt would actually use it for export again, but some may be consumed within the Egyptian domestic market.”