PM congratulates egyptians for new gas discovery

Prime Minister Ibrahim Mahlab on Wednesday congratulated the Egyptian people for the new gas discovery.

At a Cabinet meeting, Minister of Petroleum Sherif Ismail reviewed a report on the discovery announced earlier this week.

Italy's Eni has discovered gas reserves of up to 30 trillion cubic feet in Egypt’s offshore Zohr prospect, making it the largest gas discovery ever in the country and in the Mediterranean Sea, the company announced on Sunday.

According to the minister, the discovery, the largest of its kind in Egypt and in the Mediterranean Sea, could also lead to other discoveries in Egypt.

The Cabinet's earlier approvals regarding some 56 agreements, including one with Eni, and relevant presidential decrees were behind the discovery, Ismail said.

Eni's agreement was signed on January 30, 2014, he noted.

The new discovery will provide a third of Egypt's natural gas reserves, according to Ministry spokesman Hamdi Abdel-Aziz.

Current gas reserves stand at 65 trillion cubic feet. Eni also said that the find will satisfy Egypt’s natural gas demand for decades.

Source: MENA