Discussions that concern the possibility of establishing a gas hub in the eastern Mediterranean Sea took place between Egypt’s President Abdel Fattah Al-Sisi and Italian Energy giant Eni’s CEO Claudio Descalzi on Sunday in Cairo.
The gas hub aims to “make the Egyptian transport and export facilities available for the nearby discoveries”, the company revealed on its website.
Descalzi showcased the development plan set for Zohr, the “largest ever” natural gas field in the Mediterranean Sea off Egypt. Both parties affirmed the “joint commitment” for speeding up production from the field.
Zohr was discovered by Eni in September. Days after the discovery, international rating agency Moody’s credited the discovery as positive for the company and for Egypt.
The company said that the giant well lays 1,450 metres (4,700 feet) beneath the surface in the Shorouk Block, and about 190 km (120 miles) off the Egyptian coast. After the discovery, Descalzi announced that he expected investments worth $6bn to $10bn for the development of the field.
Eni added that Zohr is the largest gas discovery ever found in Egypt, as well as in the Mediterranean Sea, and could become one of the world’s largest natural gas finds. “The discovery, after its full development, will be able to ensure Egypt’s natural gas demands are satisfied for decades,” the company said.
Eni is an Italian company that works in the fields of oil, natural gas exploration, production, supply, trade and shipment of natural gas, LNG, fuels, electricity and chemical products.
The company began its operations in Egypt back in 1953. Further, with its global presence in around 83 countries, the company employs more than 84,000 people worldwide.