CAIRO: The discovery of a large offshore natural gas field in the eastern Mediterranean is “credit positive” for Egypt and Italy’s Eni, Moody’s Investors Service, a global credit rating agency stated in a Monday report.
At August-end, Italy’s energy company Eni SpA announced it had discovered a “supergiant” natural gas field in the deep water of Egypt’s Mediterranean.
Eni described “Zohr” discovery as the “largest- ever” found in the Mediterranean Sea, with a potential 30 trillion cubic feet of gas over an area of 100 square kilometers.
“For Egypt, it will help alleviate the balance-of-payments pressure and investment in the oil and gas sector will support growth. For Eni, the discovery will add sizable undeveloped resources and proved reserves,’ Moody’s said.
The International Monetary Fund stated earlier this month that Egypt’s major natural gas discovery has the potential to improve its energy position and will contribute “broadly” to its economy.