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FX.co ★ A joy to discover a new gas field. The way things are going, there will be more gas supply in the world.

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Forex Humor:::2015-09-07T15:32:00

A joy to discover a new gas field. The way things are going, there will be more gas supply in the world.

Natural gas turns from a rare and exclusive fossil fuel into commonplace consumer goods. Only a few decades ago the largest gas empires could be counted on the fingers of one hand, but now there are new countries which can be seen as prospective producers of this energy source. One of the latest countries blessed by an unexpected discovery was Egypt. The exploration in the area resulted in one of the biggest gas fields discovery in the world. Natural gas deposits are located in the Mediterranean Sea off the coast of Egypt, as the Italian energy company Eni reports. Claudio Descalzi, Eni’s chief executive, has already visited Cairo, where he discussed the important discovery and plans for its exploration with the Egyptian authorities. The company has been operating in Egypt since 1954, and it has all chances to become a main contractor in this project. According to preliminary analysis, the new gas field can be called supergiant. Yet it is difficult to estimate the exact volume of gas, but the experts argue that the field, which got the name Zohr, contains at least 850 billion cubic metres of gas, and it covers the area of about 100 square kilometers. According to official statement, “Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea and could become one of the world's largest natural gas finds”. These reserves will help to meet the Egypt’s gas demand for many decades.

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