Eni CEO: Egypt gas find could be much bigger

Eni installation in Egypt

Claudio Descalzi also believes there is another reservoir with oil or condensate below the one discovered.

"The estimates we published for the huge gas reservoir discovered in Egypt were very conservative. It could be much bigger. We'll know that only after we begin exploratory drilling," Claudio Descalzi, CEO of Italian energy company Eni, told the Italian Senate today.

He predicted that the reservoir would produce 30-35 BCM of natural gas annually, compared with local consumption of 46 BCM in Egypt, adding, "Exporting gas from the reservoir is possible, but we'll have to wait and see how it develops."

He went on to say, "Egypt is interested in developing the reservoir with record speed, and our timetable is therefore very tight. But we have 100% ownership of the reservoir, so the procedures can be expedited."

Descalzi believes that it is highly likely that there is another reservoir below the one discovered, probably of oil or condensate (liquid hydrocarbon).

Published by Globes [online], Israel business news - www.globes-online.com - on September 9, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

Eni installation in Egypt
Eni installation in Egypt
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