Italy's Eni discovers huge gas field off Egyptian coast

Find off Egyptian coast would cement country's 'gas hub' dreams and casts doubt over $15b deal to import Israeli gas announced in February

Italy's Eni discovers huge gas field off Egyptian coast

World Bulletin / News Desk

An Italian energy company has reportedly discovered a gas field off the Egyptian coast three times larger than one found in 2015 which was described as the largest ever found in the Mediterranean.

According to Egyptian Ministry of Oil officials cited in an Egyptian Independent report, Rome-based ENI will soon announce the Noor field find in the North Sinai Shorouk concession.

Noor is reportedly triple the size of the Zohr field, found by ENI in 2015, which was so substantial that, after years of importing gas and along with the country's other finds, Egypt is now expected to have a gas surplus as early as next year.

The new discovery would cement Egypt’s plans to become a regional gas hub, only a couple of years after energy supply shortages made blackouts a daily experience for many Egyptians.

It will also raise doubts over a deal announced in February that would see $15b worth of Israeli gas exported to Egypt over the next decade.

Egypt’s Petroleum Minister Tarek El-Molla told Bloomberg late last week that the country might stop importing liquefied natural gas (LNG) by the end of the year, but did not mention any new discoveries.

“The exports of Zohr gas field, as well as other gas fields’ production, will start early next year,” El-Molla said. “I don’t think there will be more tenders. I think this is it. Local production should cover our needs.”

Güncelleme Tarihi: 28 Haziran 2018, 09:27