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Italy's Eni discovers huge gas field off Egyptian coast | |
(about 2 hours later) | |
Italian energy group Eni says it has found one of the world's largest natural gas fields off Egypt's coast. | Italian energy group Eni says it has found one of the world's largest natural gas fields off Egypt's coast. |
The company said the area was 1,450m (4,757 feet) beneath the surface and covered 100 sq km (39 sq miles). | |
It could hold as much as 30 trillion cubic feet of gas, or 5.5 billion barrels of oil equivalent, Eni said. | It could hold as much as 30 trillion cubic feet of gas, or 5.5 billion barrels of oil equivalent, Eni said. |
The company says that the Zohr field "could become one of the world's largest natural-gas finds" and help meet Egypt's gas needs for decades. | The company says that the Zohr field "could become one of the world's largest natural-gas finds" and help meet Egypt's gas needs for decades. |
"This historic discovery will be able to transform the energy scenario of Egypt," said Claudio Descalzi, chief executive of Eni. | |
Eni, which has full concession rights to the area, is the biggest foreign energy firm in Africa. | 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 oil ministry worth $2bn (£1.5bn) allowing the company to explore in Sinai, the Gulf of Suez, the Mediterranean and areas in the Nile Delta. | In June, it signed an energy exploration deal with Egypt's oil 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, including by Egypt's neighbour Israel. | Eni's find follows other significant gas discoveries in the Mediterranean in recent years, including by Egypt's neighbour Israel. |
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