News You Really Need To See: “Italy’s Eni Finds ‘Supergiant’ Natural Gas Field Off Egypt”

“Italy’s Eni Finds ‘Supergiant’ Natural Gas Field Off Egypt”

The Associated Press, August 30, 2015

http://bigstory.ap.org/article/fc84c97ac51440e09c0e1a4deddc4ae8/eni-says-its-found-supergiant-natural-gas-field-egypt

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.'”

Quickie analysis:  While Egypt certainly needs energy, it’s hard to see how dropping it into the lap of the current government is a long-term plus.

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