Expenditure cost of Egypt’s supergiant gas field Zohr less than €12bn – Eni

The capital expenditure of the two phases of Egypt’s giant gas field Zohr is estimated at less than €12 billion, CEO of Eni – largest Italian energy firm- Claudio Descalzi  told Reuters Friday.

On August 30, 2015, Eni has discovered Zohr natural gas field offshore located in the Egyptian sector of the Mediterranean Sea.

The supergiant field 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 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.

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

Eni is an Italian multinational oil and gas company headquartered  that has operations in 79 countries. It is currently world’s 11th largest industrial company with a market capitalization of 68 billion euros.