Italy’s Eni discovers largest natural gas field in Egypt

Descalzi was quoted by Eni as saying that the discovery reconfirms that “Egypt still has great potential” energy-wise.

Barclays analyst Tavy Rosner said the sell-off in Israeli energy shares seemed excessive, noting Leviathan’s main aim for Egypt was to supply BG International’s LNG facility there though a sub-sea pipeline, whereas much of the Egyptian gas – initially at least – would likely be for domestic consumption.

Italian oil company Eni stunned markets on Sunday after declaring the Mediterranean’s biggest-ever and the world’s 20th largest gas discovery off Egyptian waters, in the Zohr field holding an estimated 30 trillion cubic feet of gas.

It began imports of liquefied natural gas (LNG) in June.