Oil and gas major ENI, has announced the discovery of the largest gas field ever to be found in the Mediterranean.
The Italian based firm, has said that the discovery is located offshore Egypt. ENI has confirmed that from current data gained from exploration well, Zohr 1X NFW, it estimates reserves to be around 30 trillion cubic feet of lean gas, about 5.5 billion barrels of oil equivalent- a find it is calling a ‘Supergiant’.
Further, ENI has said that it believes with more appraisal, the ‘Supergiant’ Zohr, could prove to be one of the world’s biggest natural gas finds.
Egypt Offshore Gas
The gas discovery falls within Egypt’s offshore Mediterranean waters, in the Shorouk Block. The block has been explored by ENI since it won the licence in 2014, though successful bidding via the Egyptian Ministry of Petroleum and the Egyptian Natural Gas Holding Company.
ENI have said they believe the offshore discovery will prove to be a game changer with regards to Egypt’s energy policy, saying it will ‘give a major contribution in satisfying Egypt’s natural gas demand for decades.’
With rewards looking to be hugely rewarding for both sides, ENI is looking to start development of the offshore gas field as soon as possible.
ENI has stated that it has begun appraisal immediately, is looking at initiating a fast track development of the field, and will unitise existing onshore and offshore infrastructure where possible.
ENI’s CEO, Claudio Descalzi, has travelled to Cairo, to personally update Egypt’s President, Abdel Fattah Al-Sisi, on the size and magnitude of the offshore discovery.
ENI have said that Descalzi, has also held talks with both the Egyptian Prime Minister, Ibrahim Mahlab, and Egypt’s Minister of Petroleum and Mineral Resources, Sherif Ismail on matter and the rapid offshore field development ENI wants to take.
ENI CEO, Claudio Descalzi, said, “This historic discovery will be able to transform the energy scenario of Egypt in which we have been welcomed for over 60 years.”
“This exploration success acquires an even greater value as it was made in Egypt which is strategic for Eni, and where important synergies with the existing infrastructures can be exploited allowing us a fast production startup’,”
“It’s a very important day for Eni and its people. This outstanding result confirms our expertise and our technological innovation capacity with immediate operational application, and above all shows the strength of the cooperation spirit amongst all the company’s units which are at the foundation of our great successes.”