Report: Egypt gas discovery could hurt Israeli exports

Eni’s giant gas discovery made offshore Egypt could hurt Israeli gas exports, Israeli Energy Minister Yuval Steinitz said on Sunday, according to Reuters.

After months of delays, Israeli cabinet recently approved a draft plan for Noble Energy and Delek to develop the giant Leviathan field offshore Israel. The Leviathan is one of the largest offshore gas fields in the world with gross mean resources of 22 Tcf of natural gas.

Also, in March 2015, Noble Energy and Delek Group signed a contract for the export of natural gas from the Tamar gas field, off Israel, to Egypt.

However, Eni on Sunday said it had found an even larger gas field off the coast of Egypt. According to Eni, the Zohr gas discovery could hold a potential of 30 trillion cubic feet of lean gas in place, making it the largest discovery in the Mediterranean Sea.

Commenting on the Egyptian gas discovery news, Steinitz said a statement reported by Reuters: “The giant gas field discovery in Egypt is a painful reminder that while Israel has been ‘sleep walking’ and delaying the final approval of the gas outline and holding up further exploration, the world is changing in front of our eyes, including the implications on export possibilities.”

Offshore Energy Today Staff

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