Egypt Gas Find Sparks Panic in Israel about Israeli Reserves

摘要

On Aug. 30, Italian major Eni announced the discovery of a super-giant gas field in the Mediterranean Sea off the coast of Egypt. The Zohr field is estimated to hold 30 Tcf of natural gas (5.5 Bbbls oil equivalent), though Eni believes more could be found. As it stands, the potential reserves represent the largest discovery in Egypt and the Mediterranean, topping Israel's 16-Tcf Leviathan field. For Egypt, the find is nothing short of a game changer. Domestic natural gas production has fallen some 16% since 2013 and exports are down roughly 70% since 2009. Conversely, domestic energy consumption is up more than 50% over the last decade, leading to widespread blackouts and social unrest.