Italian oil explorer Eni discovers 'supergiant' gas field off Egyptian coast

It appears that a supergiant gas field was recently discovered in an Egyptian coast by an Italian oil group called 'Eni'.

According to a recent report by Telegraph, "a supergiant gas field holding the equivalent of 5.5 billion barrels of oil has been discovered off the coast of Egypt, the largest ever find in the Mediterranean."

The discovery made by the Italian group has been benchmarked as a historical discovery for the company. The Italian firm is one of the biggest oil operators in Europe and the major overseas player in Africa as stated in a report by This is Money.

It is fascinating that the location of the supergiant gas field which is known as the deep water Zohr well is the largest ever found in the Mediterranean. It may have the possibility hold 30 trillion or more cubic feet of gas.

With this recent discovery at hand, it will address Egypt's own natural gas demands for the years to come. According to a description by Aljazeera, "The supergiant field is potentially one of the world's largest natural gas finds and is located at a depth of 1,450 meters in the Shorouk Block."

It appears the oil find will transform the energy sources for Egypt and it will affect the neighboring states as well. According to an earlier report by Aljazeera, "Israeli Energy Minister Yuval Steinitz said on Sunday that the finding could have implications for Israel, which has been looking to export its own deposits."

Mr. Descalzi, Eni's chief executive stated in an interview for Telegraph, "Our exploration strategy allows us to persist in the mature areas of countries which we have known for decades and has proved to be winning, reconfirming that Egypt has still great potential."

Egypt can now enjoy the benefits of this recent oil discovery in the coming years, aiding the nation's struggle for energy.