Eni Hopes To Develop Supergiant Gas Field By 2017

22 Apr 2016   Egypt

Egypt offers a bright spot for natural gas development, a lone bright spot in an energy world undergoing harsh austerity. The friendly business environment in Egypt right now stems, in part, from a painful shortage in energy. Egypt has suffered blackouts due to shortages in natural gas, and has been scrambling to make up for the shortfall. Natural gas prices are regulated, and the state gas company, EGAS, has offered generous prices for gas in order to attract investment. The Financial Times reports that the blackouts have eased a bit since 2015. But a more enduring solution could soon arrive as Italian oil giant Eni develops the gigantic Zohr natural gas discovery in the Mediterranean Sea. The field could hold 30 trillion cubic feet of natural gas, enough to make it the largest gas discovery ever recorded in the Mediterranean. Eni announced the discovery in the summer of 2015, […]

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