An Italian energy company says it just discovered what could be the 'world's largest' natural gas field
"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," Eni said in a statement. "The discovery, after its full development, will be able to ensure satisfying Egypt's natural gas demand for decades."
The timely discovery may also serve as a new supply option for the European market looking to avoid Russian gas dependence.
Russia has previously shut off gas in order to punish countries. Ukraine's gas was shut off for six months in 2014, as well as at times in 2006 and in 2009, and Latvia and Lithuania were punished by Moscow "for their alleged mistreatment of Russian minorities or for awarding refinery or construction contracts to European rather than Russian companies."
The news came a day after Eni CEO Claudio Descalzi met in Cairo with Egyptian President Abdel-Fattah el-Sissi, the Egyptian leader's office said.
Descalzi was quoted by Eni as saying that the discovery reconfirms that "Egypt still has great potential" energy-wise.
He said "important synergies with the existing infrastructures can be exploited, allowing us a fast production startup."
Eni has been in Egypt since 1954 through its subsidiary IEOC. It's the main hydrocarbon producer in Egypt, with a daily equity production of 200,000 barrels of oil equivalent, the company said.
Elena Holodny contributed to this report.