Eni, the Italian energy giant, announced Sunday that it has made a "world class supergiant gas discovery" at its Zohr Prospect, in the deep waters of Egypt. The discovery could hold a potential of 30tn cubic feet of lean gas in place, covering an area of about 100 square kilometres.

 

Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea. Eni said it could become one of the world’s largest natural-gas finds. This exploration success will give a major contribution in satisfying Egypt’s natural gas demand for decades.

Eni also said it will immediately appraise the field with the aim of accelerating a fast track development of the discovery that will utilise at best the existing offshore and onshore infrastructures.

The gas field is at 4,757 feet of water depth (1,450 metres) covering an area of about 100 square kilometres and the potential of 30tn cubic feet of lean gas is equivalent to 5.5bn barrels of oil equivalent.

Claudio Descalzi, chief executive of Eni S.p.A. on Saturday discussed the results of the exploration with Abel Fattah Al-Sisi, Egyptian president, in Cairo.

Descalzi commented: "Our exploration strategy allows us to persist in the mature areas of countries which we have known for decades and has proved to be winning, reconfirming that Egypt has still great potential."

The Financial Times reports that figures from IHS, the research company, show discoveries of new oil and gas reserves dropped to their lowest level in at least two decades last year.

Eni, however, said that exploration had been central to its growth strategy. In the past seven years it had found 10bn barrels of resources and 300m in the first half of this year.

Gas Egypt Eni Italy