Petroleum Africa
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Tuesday, September 1, 2015
ENI’s recent Zohr gas discovery offshore Egypt has been touted as “world class” “supergiant”, and “elephant” (most likely in reference to the company’s massive Elephant ‘El Feel’ field in Libya). While the discovery is a massive boost to both ENI and Egypt, not everyone is happy with the discovery, namely Israel.
Prior to the ENI discovery, Israel possibly was the hot spot in the Mediterranean for new natural gas discoveries with its Leviathan and Tamar fields. The country was planning on exporting these resources to Egypt but the Zohr discovery could derail the deals with its estimated 30 Tcf of gas if it can be brought online quick enough. Egypt has plenty of existing infrastructure that the Zohr discovery could potentially tie into.
US independent Noble Energy and its Israeli partners will now be scrambling for a new export scheme. Noble Energy, which is developing the Leviathan with Delek Group and Avner Oil and Ratio, saw its share price fall 7.1% on the news of the ENI discovery. Its Israeli partners saw $1.4 billion taken off their capitalization on August 31.
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