Source: Middle East Institute
Author(s): Jean-François Seznec, Samer Mosis
Original Link: http://www.mei.edu/content/at/zohr-gas-field-boon-egypt
Italian energy company Eni announced on August 30 that it had discovered a deep-water gas field 93 miles north of Egypt’s Mediterranean coast. The field, named Zohr, holds an estimated 30 trillion cubic feet (cft) of natural gas (NG) reserves, potentially making it the twentieth largest in the world and the largest in the Mediterranean.
Until the Zohr discovery, Egypt had an estimated 64.8 trillion cft of natural gas reserves sitting primarily in the Mediterranean Sea, the Nile Delta, and its western desert, making it a medium-sized player in the natural gas market. However, the Egyptian national oil and gas companies (EGPC and EGAS, respectively), formerly net exporters of hydrocarbons, have recently struggled to meet the country’s internal demand, even resorting to importing natural gas. While Eni’s new discovery is unlikely to translate into exports for some time, it does have the potential to alleviate the gap between supply and demand. Nonetheless, it does not do so without risks for both Eni and Egypt….
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