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New ‘Super Giant’ Natural Gas Field Could Be Straw That Breaks OPEC’s Back

Tuesday, September 1, 2015 7:00
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New ‘Super Giant’ Natural Gas Field Could Be Straw That Breaks OPEC’s Back

Posted Monday, August 31st 2015 @ 2pm  by Guy Bentley

A new super-giant natural gas field could prove to be the largest ever discovered on earth and also end up satisfying energy demand in parts of the Middle East and the Mediterranean for decades to come.
Italian energy firm Eni made the find off the northern Egyptian coast. According to the company, there could be as much as 30 trillion cubic feet of gas in the Zohr field – equivalent to 5.5 billion barrels of oil. The field covers around 100 square kilometres and is approximately 1,450 metres below ground.
“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,” said Eni CEO Claudio Descalzi. Egypt’s petroleum industry confirmed the find in a statement. However, the true size of the find won’t be known for certain until drilling begins.
The discovery, which could contribute to Egypt’s energy mix for “decades,” could also help the country break a potential over-reliance on the Persian Gulf States and other OPEC nations. Some of the output could also be shipped to Italy and other Mediterranean countries. OPEC nations are taking a big financial hit thanks to the dramatic fall in the price of oil and an explosion in the use if shale gas.
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