The Italian energy group ENI says it has discovered the largest known gas field in the Mediterranean.
The Zohr field, off the Egyptian coast and measuring about 100 sq km, could contain as much as 30tn cubic feet of gas.
ENI said in a statement that the area “could become one of the world’s largest natural-gas finds” as future drilling could uncover more gas there.
The company said it would fast-track the development of the site, for which it has full concession rights.
This find, coupled with other recent ones in the Mediterranean, is expected to benefit the Egyptian economy as it could meet the country’s gas needs. Egypt has struggled in recent times with gas and oil shortages enforcing power cuts which hampers industrial production and holds back economic recovery.
ENI’s chief exec said it “will be able to transform the energy scenario of Egypt”.
The discovery could also help Europe wean itself off its dependence on gas imports from Russia now that new supply options are possible.
In Portugal, ENI has a 70% stake in the consortium which has the explotarion rights for three blocs off the Alentejo coast.
Drilling is due to start this autumn but questions now will be raised within the Italian company whether this latest find will affect the expensive Alentejo exploration project where gas or oil may or may not exist.
