ENI discovers huge natural gas field off the coast of Egypt

Italian energy group ENI announces the discovery of the largest known natural gas field in the Mediterranean Sea to date. Egypt can thus become an exporter of energy.

Zohr's vast natural gas field could meet the country's energy needs for decades to come, the Italian company said. Combined with other Mediterranean finds in recent years, the field offers the potential for Europe to become less dependent on natural gas imports from Russia.

“This historic discovery could change the energy scenario in Egypt,” said ENI CEO Claudio Descalzi. According to ENI, Zohr, with an area of ​​approximately 100 square kilometers, according to initial findings, could contain nearly 850 billion cubic meters of natural gas.

Due to the increase in energy consumption, Egypt has become an energy importer in recent years. Shortages often lead to power outages, sometimes causing even political unrest. In addition, the State Gas Company Egash suffers from production losses. In addition, in recent years, new deposits have also been discovered in the waters of other countries in the region. Two companies wanted to deliver natural gas from the Israeli coast to Egypt. The deal fell through due to a lack of permits from the Israeli authorities.

The ENI Group has been active for over 60 years in Egypt and in June agreed with the government in Cairo for multibillion-dollar business financing. Since then, Claudio Descalzi has taken the helm at ENI and the company has focused on a more thorough re-exploration of oil and gas fields. This will help ENI ensure the supply of natural gas to Egypt not only in the Mediterranean, but also in the Sinai, the Gulf of Suez and parts of the Nile Delta. The ENI Energy Group is active not only in the production of energy, but also promotes gas stations under the Agip brand.