Eni CEO says open to selling stake in Egypt mega gas find

Italian energy group Eni is open to selling a stake in its mega gas discovery in Egypt, as it has done for another gas field in Mozambique, its chief executive said in a newspaper interview published Monday.

“It’s an open door to give value and solidity to Eni’s balance sheet,” Claudio Descalzi told Italy’s La Repubblica. “But it will not be a necessary outcome. There is much less to spend than in Mozambique and the new gas is aimed at the local domestic market with prices disconnected from those of oil.”

State-controlled Eni said on Sunday it had discovered the largest known gas field in the Mediterranean off the Egyptian coast, predicting the find could help meet Egypt’s gas needs for decades to come.

The newly-discovered well ‘Zohr’ holds a potential 30 trillion cubic feet of lean gas in place (5.5 billion barrels of oil equivalent in place) covering an area of about 100 square kilometres, according to a statement by Eni.

“Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea and could become one of the world’s largest natural-gas finds,” Eni said in a statement.

The discovery was made in the Shorouk block that was awarded to Eni in January 2014 following an international bid, Eni said.

The well ‘Zohr’ is located in the economic waters of Egypt’s Mediterranean, at the depth of 4,757 feet in the sea (1,450 metres).

Source: Ahram Online