Egypt Discovers Gas, Threatens Israel’s Market Dominance

A huge natural gas field discovered offshore Egypt, has triggered jitters in Israel, casting shadows over Israel’s ambitions to become a major gas supplier in the region.

A report on Wednesday in Cairo says the discovery of a “supergiant” gas field in Egypt will bring profound changes to a country much in need of energy.

Italian energy group Eni S.p.A. in a statement, described the field at the Zohr site, in the deep waters of Egypt, as the largest ever gas discovery in the Middle-East.

It said it had a potential of 30 trillion cubic feet of lean gas in place covering an area of about 100 square kilometres.

Eni S.p.A. also said if validated in further tests, Zohr could dwarf Israel’s offshore discoveries in recent years.

It said plans were underway to start development as soon as possible.

Before this discovery, Israel had signed memorandums of understanding to export gas to the Middle-East and hoped to sell it to even more distant countries through European companies that operate in Egypt. (NAN)

 

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