Italian energy giant ENI (NYSE: E - news) on Sunday announced the discovery of the "largest ever" offshore natural gas field in the Mediterranean inside Egypt's territorial waters.
The discovery, confirmed by Egypt's oil ministry, could hold a potential 30 trillion cubic feet (850 billion cubic metres) of lean gas in an area of about 100 square kilometres (40 square miles), it said in a statement.
The so-called Zohr project is "the largest gas discovery ever made in Egypt and in the Mediterranean Sea," it said, adding the find would meet Egypt's own natural gas demands for decades.
The discovery -- potentially one of the world's largest natural gas finds -- is located at a depth of 4,757 feet (1,450 metres) in the Shorouk Block, ENI said.
It (Other OTC: ITGL - news) said Eni's CEO, Claudio Descalzi, has visited Cairo and discuss the discovery with Egyptian leaders including President Abdel Fattah al-Sisi.
"This historic discovery will be able to transform the energy scenario of Egypt," Descalzi said in the statement.
The firm said it will "immediately appraise the field with the aim of accelerating a fast track development of the discovery".
Centamin could run some equipment/generators on cheap gas instead of diesel perhaps reducing costs?
Agree with you and people are still suffering the world over, it won't change any time soon and often when countries get independence the ordinary people are exploited much worse by their own! Agree these board don't influence the share price, but they do help support people through difficult times and keep them informed of some things they may not otherwise find out about. Agree about most brokers and those running the markets, I have been conned by them myself! Which is why with others on here I try to stop others getting panicked or conned!out on here! Keep well
Interesting article by Andrew Maguire - He says that producers are seeking alternative venues to sell their gold at the 'offer' and bypass London (LBMA) altogether. - He says that producers (us) are the key to breaking the hold that the collusive bullion banks have on the gold-price and it is now underway - It is history in the making. - Watch this space.
Not in the minds of countries who suffered, and not THAT long ago. you cannot ignore facts. Dont worry Drax , I dont think these bullitin boards opinions affect the price one iota. Most opinions are based on little more than conjecture and hope. take a look at the wild descrepences in broker pricings for just the last 6 months, little more than guestimates.. But of course they make their money from commisions, and people trusting. ha ha !!
As you say there was considerable exploitation of one country by another in the past just like when the Romans,Vikings and the Normans exploited our ancestors! Those tribes with the more powerful army have always exploited those that are weaker selling their prisoners and their own people into slavery for instance or exploiting their own people by sending them to war for no other purpose than greed ! The West is still exploiting it's own people with a bought media, corrupt political and financial practices and so it goes on with the likes of ISIS destroying culture and breaking down the social fabric of whole countries using their distorted view of Islam as an excuse! Even football or F1 fans are exploited into payinng huge prices for seasons ticket and poorly made club regalia in which to watch overpaid idiots kissing and cuddling one another in between kicking a ball up and down a pitch or to steer a computerised go kart around a one way track and to then they go home and watch it again on the likes of SKY,BT & Virgin, for which they pay a premium and get brainwashed by advertising into desiring all the things they never knew they needed so much! But the vast majority of people of all nations just want to live their lives and are usually very hospitable and kind to each other left to their own devices, so as drax said history! Centamin is a prime example of how things should work, it has negotiated with the Egyptian government a very fair contract and provided investment to help Egypt realise it's natural wealth, whilst providing long term well paid employment and improvements to local living standards. So a joint effort with joint benefits for all, quite an achievement! Tibbs
Thanks Siko. for info. Can well understand egypt taking care of finite resourses. After all, its all about foreigners taking advantage of a relatively poor country, maybe they may find oil and gas as well. Then the boot will be on the otheer foot. Your country has been under colonial power ,like India etc, and robbed ,so no wonder they are cautious. Enjoy your weekend and family.
Egypt has not started the process yet.. they were waiting for the mining law, then its executive regulations, and now they are discussing whether to go for profit share like Alsukary or production share..
I also think that they delayed the bids as long as possible until the parliament is in place as according to the mining law any area larger than 16 sq km would have to be allocated by the parliament, and with the parliament expected to have its first meeting in December/January, that's why they are expecting the bidding process to start by the end of this year.
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