Italy’s Eni: huge gas find off Egypt sign of may be more

A senior official with Italy’s oil and gas giant Eni says the discovery of a huge natural gas deposit in Egyptian waters has boosted hopes of other such finds in the eastern Mediterranean that could help meet Europe’s energy needs.

Eni Chief Exploration Officer Luca Bertelli told a gas conference Tuesday that his company’s “milestone” discovery of Zohr, estimated to hold 30 trillion cubic feet of gas, has reinvigorated the interest of other major oil and gas companies in the region.

He said waters off Cyprus hold potential for new discoveries while exploration opportunities are coming up with Lebanon and Israel soon offering offshore areas, or blocks, to bidders for exploration licensing.

Bertelli said Eni expects the first gas to start flowing from Zohr by the end of 2017.

Source: The Associated Press