Largest gas field in Mediterranean found in Egypt's offshore: Italian firm

The largest-ever gas field in the Mediterranean Sea has been found in the Egyptian offshore, according to an Italians company with the announcement released on Sunday.

"The discovery could hold a potential of 30 trillion cubic feet of lean gas in place covering an area of about 100 square kilometers," Italy's Eni company said.

Eni has been operating in Egypt for over 60 years and the company says "the historic discovery" will be able to transform the energy scenario in Egypt.

Over the past few years, citizens of the most populous Arab country have been suffering energy issues and recurrent power outages as a result of natural gas shortage.

"The discovery, after its full development, will be able to ensure satisfying Egypt's natural gas demand for decades," Eni said.

Egyptian Petroleum Minister Sherif Ismail said on Sunday that the discovery opens new horizons for other similar discoveries in the country and shows that the Egyptian Mediterranean off shore are among the most important gas-carrying basins worldwide.

"The discovery contributes to attracting more investments to intensify exploration that will enhance the reserves and increase production rate, which is a priority for the ministry in light of its strategic goal to meet the country's demand of oil products and natural gas," Ismail said in a statement.

Eni's CEO has recently met with Egyptian President Abdel-Fattah al-Sisi as well as the country's prime minister and oil minister to update them with the discovery and its potentials. Endit