Eni company: We disncovered the largest gas field in Middle East; Steinitz: "a painful reminder that Israel is 'sleeping upright' and taking its time with final approval of gas outline"

Italian energy giant Eni announced today (Sunday) that it discovered a "super huge" natural gas field off the coast of Egypt. In a statement, the company is claiming that it is the largest natural gas field ever found in the Mediterranean.

"After full development, the discovery may provide Egypt's gas needs for decades," says the company's announcement.

Eni also announced that the gas field, known as Zohr, is the largest in Egypt and may be one of the world's largest gas discoveries. The gas field is located at a depth of 1,450 meters and spans an area of about 100 square kilometers. According to estimates of the company, the reservoir contains approximately 30 TCF. By comparison the volume of gas in the "Leviathan" reservoir in Israel stands at 22 TCF.

Eni is an energy company owned by the Italian government, which operates in Egypt more than 60 years through its Egyptian subsidiary company IEOC. In fact, it is the largest energy company in Egypt and daily produces 200 thousand barrels of oil.

According to estimates of the Israeli gas market factors, the discovery is blocking almost finally the deal of exporting gas to Egypt, both from 'Tamar' and 'Leviathan'.

Energy Minister Dr. Yuval Steinitz said in response that "the discovery of the giant gas field in Egypt is a painful reminder that, while the State of Israel is sleeping while standing up and taking its time with the final approval of the outline of gas, and inhibits further exploration, the world is changing before our eyes, including the effects on export options. We must approve the layout of the gas and promote the Israeli gas market."

In any case, it will be interesting to see how the participation units of gas partnerships will react tomorrow, including Ratio, Avner and Delek Drilling.

'בחדרי' גם ברשתות החברתיות - הצטרפו!