Italy's Eni finds 'supergiant' natural gas field off Egypt

[webfact]

Italy's Eni finds 'supergiant' natural gas field off Egypt

ROME (AP) — The Italian energy company Eni SpA announced Sunday it has discovered a "supergiant" natural gas field off Egypt, describing it as the "largest-ever" found in the Mediterranean Sea.

The news came a day after Eni CEO Claudio Descalzi met in Cairo with Egyptian President Abdel-Fattah el-Sissi, the Egyptian leader's office said.

Eni said the discovery — made in its Zohr prospect "in the deep waters of Egypt" — could hold a potential 30 trillion cubic feet of gas over an area of 100 square kilometers (38.6 square miles).

The discovery well is 190 kilometers (about 120 miles) from the Egyptian coast, and is at a depth of 1,450 meters ( 4,757 feet) in the Shorouk Block, the company said. The block is about 107 kilometers (66 miles) from Port Said.

"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, after its full development, will be able to ensure satisfying Egypt's natural gas demand for decades."

"Eni will immediately appraise the field with the aim of accelerating a fast-track development of the discovery," the energy company said.

Descalzi was quoted by Eni as saying that the discovery reconfirms that "Egypt still has great potential" energy-wise. He said "important synergies with the existing infrastructures can be exploited, allowing us a fast production startup."

Eni has been in Egypt since 1954 through its subsidiary IEOC. It is the main hydrocarbon producer in Egypt, with a daily equity production of 200,000 barrels of oil equivalent, the company said.

Egypt's petroleum ministry said that the find was equal to about a third of Egypt's current gas reserves.

"The Egyptian government is very happy with this find," ministry spokesman Hamdi Abdelaziz said, adding that the gas would be extracted for domestic consumption only.

"We hope to become self-sufficient by 2020," he added.

The government cannot yet place a monetary value on the discovery, he said.


-- (c) Associated Press 2015-08-31

[Bakseeda]

Lucky, Lucky Bast Egyptians

[geriatrickid]

Background Information:

- Eni is the largest oil & gas company in Africa. It is 30% owned by Government of Italy. (So much for the myth of US/British oil dominance).

- Eni is the main hydrocarbon producer in Egypt, with a daily equity production of 200,000 barrels of oil equivalent.

- Egypt signed on to Israel's gas field development a year ago.

Someone may soon be thumbing their nose(s) at some gulf state folks.

[Srikcir]

This is great news for net energy importer Eqypt but bad news for ISRAEL.

Israel has been developing its own gas fields with the intention of exporting to Egypt. Fortunately, the new Egyptian gas field won't be operable until about 2020. But Israel will eventually not only lose gas exports but also the attendant political influence.

[thaibeachlovers]

Background Information:

- Eni is the largest oil & gas company in Africa. It is 30% owned by Government of Italy. (So much for the myth of US/British oil dominance).

- Eni is the main hydrocarbon producer in Egypt, with a daily equity production of 200,000 barrels of oil equivalent.

- Egypt signed on to Israel's gas field development a year ago.

Someone may soon be thumbing their nose(s) at some gulf state folks.

The dominance of Britain/ US/ Dutch/ French oil companies was no myth. But if faded in the latter half of last century.

Obama will be upset as it will be adding to "climate change" LOL.

[Chicog]

Background Information:

- Eni is the largest oil & gas company in Africa. It is 30% owned by Government of Italy. (So much for the myth of US/British oil dominance).

- Eni is the main hydrocarbon producer in Egypt, with a daily equity production of 200,000 barrels of oil equivalent.

- Egypt signed on to Israel's gas field development a year ago.

Someone may soon be thumbing their nose(s) at some gulf state folks.

The dominance of Britain/ US/ Dutch/ French oil companies was no myth. But if faded in the latter half of last century.

Obama will be upset as it will be adding to "climate change" LOL.

LNG is about the cleanest fossil fuel. This should push the LNG price down even further, allowing a cheaper alternative to coal.

Of course this does not take into account the environmental impact of hydraulic fracturing.

[slapout]

This super giant is based on how many wells drilled into this ''super giant field reservior' ? Is this based on. Thickess of pay zone (gas producing zone) porosity/ permanability of pay zone matrix, , intial recovery of % of natural gas recoverable, pressures, drawdown vs choke size, etc etc. all come into play.

Egypt has inflated oil and gas reserves for several decades, foreign companies/ individuals are hired by various financial instituations to re evaluate claimed/ published reserves and update from decline curves, production decline, etc.

I might want to know the rest of the story before investing or loaning money on this news release

[Scott]

Off-topic posts and replies removed.

[RuamRudy]

Background Information:

- Eni is the largest oil & gas company in Africa. It is 30% owned by Government of Italy. (So much for the myth of US/British oil dominance).

- Eni is the main hydrocarbon producer in Egypt, with a daily equity production of 200,000 barrels of oil equivalent.

- Egypt signed on to Israel's gas field development a year ago.

Someone may soon be thumbing their nose(s) at some gulf state folks.

Possibly not any time soon - Google 'Kashagan' and read about ENI's woeful ineptitude and inability to execute mega projects in even reasonably stable countries.