Fields are attractively close to Europe but political risks make development complex.
When gas started flowing from the Zohr field last month it was an important step in Egypt’s drive for energy independence and signified that the eastern Mediterranean was finally establishing itself as a force in gas production.
Claudio Descalzi, chief executive of Eni, the Italian group leading the $12bn project, said Zohr would “completely transform Egypt’s energy landscape, allowing it to become self-sufficient and turn from an importer of gas into a future exporter”.
Zohr is the largest hydrocarbon discovery made in the Mediterranean and the hunt is on for more. Israel and Cyprus see similar potential to end dependency on energy imports and generate an economic windfall by exporting surplus supplies. Lebanon is also opening its waters to exploration.
