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Eni’s discovery of a giant 30 tcf gas field in the Egyptian Mediterranean should return energy independence to MENA’s most populous country. But it severely dents neighboring Cyprus and Israel’s gas development hopes.
Eni this week announced the discovery of the ‘Zohr’ field which “could hold a potential 30 tcf of lean gas in place” on the Shorouk Offshore block, bordering Cyprus’ exclusive economic zone (EEZ).
The “supergiant gas field” is “one of the world’s largest natural-gas finds” and “the largest ever found in the Mediterranean,” Eni says, adding that the field “will make a major contribution to satisfying Egypt’s natural gas demand for decades.” Back-of-the-envelope calculations indicate that should the 30 tcf prove correct and half of this be recoverable this equates to eight years of gas demand at current levels of around 5bn cfd.
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