A “super-giant” gas field recently found in Egypt may be the biggest ever discovered on earth. The gas field was found by an Italian energy firm: Eni. Found off of the northern coast of Egypt, it’s estimated that there are 5.5 billion barrels of oil in the field named Zohr. Spanning a massive 100 square kilometers, the field is 1,450 meters below ground, and could supply the Middle East and Mediterranean with oil for decades.
Egypt’s petroleum industry confirmed the find, but remains cautious in their statement due to the true size of the oil field being unknown until drilling begins.
The country hopes that the find is as large as Eni believes. Egypt is currently reliant on Persian Gulf States and OPEC nations for all of their oil needs. If Zohr proves to have as much natural gas as initially estimated, it would add to the Egyptian economy and break the country’s reliance on OPEC.
OPEC nations are currently struggling from falling oil prices, and analysts speculate Zohr could produce oil for Egypt, Italy and other Mediterranean countries.
Eni has been partnered with Egypt for over 50 years and recently signed a $2 billion deal with the country’s oil ministry. Eni is the only license holder for the Zohr field and will set up new pipe lines in the coming year. The company believes that Egypt will start seeing production benefits in 2018.
The company remains confident that there is a massive oil field, but is cautious in predicting a full production date. While Eni hopes production can begin in 2018, the company states that it could take a couple of years before full production begins, but that fast track development is already being discussed.
Egypt’s Zohr oil field comes at a time when Eni is struggling from low oil prices.