Italian Energy Company Eni claims to have found a 40 square mile "supergiant" gas field in the Mediterranean Sea off the coast of Egypt. A gas field this size has the capacity to hold 30 trillion square feet of natural gas, or the energy equivalent to 5.5 billion barrels of oil, according to CNN, which would make it the largest natural gas discovery in history – if their findings are correct.
This find has the potential to meet Egypt's gas needs for decades, according to The Guardian. Eni says the discovery has a depth of 4,757 feet and they intend to fast-track development by utilizing existing infrastructure, with an estimated timeframe of four years. Eni is also hopeful that more gas is discovered in future drilling.
Coupled with other large gas discoveries in the Mediterranean in recent years, Eni is expecting to have a significant impact on the region's economy with hopes of garnering Europe a variety of new supply options, allowing Europe to decrease dependence on Russia for gas imports.
Claudio Descalzi, Eni's CEO, visited Cairo to discuss this significant find with Egyptian President Abdel Fattah al-Sisi and Prime Minister Ibrahim Mahlab, according to MSN. "This historic discovery will be able to transform the energy scenario of Egypt," Descalzi said in the statement.
Eni is 30% state-owned and is the biggest foreign oil and gas producer in Africa, with notable operations in Libya. It also operates in 79 countries. Eni has managed operations in Egypt for more than 60 years and is one of the top energy producers in the country.
