On August 30th, Eni SpA, the Italian oil company, reported discovery of a “super giant” natural gas field offshore Egypt that may be the largest find in the Mediterranean Sea and may hold hold 30 trillion cubic feet of gas. The field will go a long way toward addressing Egyptian domestic demand, which has swelled over the past years. The country is consuming most of its production and has cut gas sales abroad. Excess gas could be shipped to Italy or other destinations as liquefied natural gas (LNG) through a plant at Damietta on the Mediterranean coast that is currently not operating for lack of gas.

Eni expects to fast-track the development project with development drilling starting early in 2016 and first gas to market in 3-4 years.

See Bloomberg Business.