Natural gas production from the largest field ever discovered off the coast of Egypt is on pace for a 9 percent increase in output, Italy's Eni said Thursday.

Eni said the third production unit started at the Zohr field, increasing its installed capacity to 1.2 billion cubic feet per day. The project is producing about 1.1 billion cubic feet per day and the acceleration follows a start date in December.

"The latest achievement reinforces the exceptional development path of Zohr, one of Eni's seven record-breaking projects, which is playing a fundamental role in supporting Egypt's independence from liquefied natural gas imports," the company stated.

Located about 120 miles offshore, the field holds roughly 5.5 billion barrels of oil equivalent. It's the largest field ever discovered in Egypt and in the Mediterranean Sea, according to Eni, with an estimated 30 trillion cubic feet of gas in place.

Egypt aims to become a regional hub for gas and liquefied natural gas, though availability at the domestic sector could complicate growth. Eni said the startup of Zohr, online less than two years after the initial commercial discovery, would reshape the Egyptian energy sector.

The International Monetary Fund has said the economic potential for Egypt is "immense." Significant investments in the energy sector and major new natural gas discoveries are contributing to its potential.

Eni said that work alongside its co-venture partners, Russian energy company Rosneft and British supermajor BP, and the Egyptian Natural Gas Holding Co. targets a peak capacity at Zohr at 2.7 billion cubic feet per day by next year.

Eni is the leading producer in Egypt with equity production of more than 260,000 barrels of oil equivalent per day.

Related Links
All About Oil and Gas News at OilGasDaily.com

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Oil prices respond to U.S. move on Iran with surge
Washington DC (UPI) May 10, 2018
Crude oil prices were moving sharply higher Wednesday after the U.S. decision to leave the Iranian nuclear accord, though assurances were quick to emerge. President Donald Trump on Tuesday signaled the end of the U.S. role in the Joint Comprehensive Plan of Action, saying a U.N.-backed deal that limited Iranian nuclear activity was no longer in the nation's interest. Through his decision, Trump called on his Cabinet to re-impose all U.S. sanctions that were lifted or waived under the agreement. ... read more