The discovery of Zohr “could hold a potential of 30 trillion cubic feet of lean gas,” Eni said in a statement.
Egyptian Petroleum Minister Sherif Ismail said developing the new discovery is due to take approximately 4 years, in a statement issued on Sunday.
He was briefed on the discovery by Eni Chief Executive Officer Claudio Descalzi, who also discussed the discovery with Egyptian President Abdel Fattah al-Sisi in a recent trip to Egypt.
Descalzi said this “historic discovery will be able to transform the energy scenario of Egypt.”
The Italian giant said it intends to immediately appraise the field to accelerate the development of the discovery.
Zohr was discovered in the Shorouk block. Eni holds 100 percent of the working contractor’s interest in the block, after an agreement signed between the company and the Egyptian state’s Natural Gas Holding Company in January 2014.
Eni has operated in Egypt since 1954 where it is a major oil and gas producer, supplying a little over a quarter of Egypt’s annual oil and annual gas production.