OME Member Company Eni announced on 30 August 2015 that it had discovered a super-giant natural gas field at its Zohr prospect in the Mediterranean deep waters of Egypt. With its potential of holding 850 billion cubic meters Eni describes the field as the largest ever found in the Mediterranean Sea.
In our in-depth analysis of the Egyptian energy sector (MEP-Egypt, released in 2011) we had concluded that “Egypt has potential for additional hydrocarbons discoveries, as the country is still relatively under-explored, particularly the deep-waters… In the future more gas fields would be discovered than oil fields… There is little doubt that deep reservoir accumulations will eventually be discovered…OME’s estimated Ultimate recoverable Resources for gas is much higher than the EGAS estimates.”
The Zohr field, in addition to other large discoveries since 2009 in East Mediterranean confirms once again the substantial hydrocarbons potential in the Mediterranean Sea, hence the importance of the Mediterranean region in the global exploration and production industry.
More information:
http://www.eni.com/en_IT/media/press-releases/2015/08/Eni_discovers_supergiant_gas_field_in_Egyptian_offshore_the_largest_ever_found_in_Mediterranean_Sea.shtml
http://www.petroleum.gov.eg/en/MediaCenter/LocalNews/pages/mop_30082015_1.aspx