Zohr Discover Will Not Cover Egypt's Energy Needs for Next Four Years

Egypt's new gas discovery will not cover energy needs in the next four years, according to Khaled Abu Bakr, Executive Chairman of energy firm Taqa Arabia.

While speaking at Euromoney conference on Tuesday in Cairo he said it will take about five years for the full infrastructure associated with the gas find to be built, reported Daily News Egypt.

The gas discovery will, when ready, enhance Egypt's economy, reduce the budget deficit and create job opportunities, he added.

Eni late last month said it has made a “world class supergiant gas discovery” at its Zohr prospect, in the deep waters of Egypt.

According to Eni, the discovery could hold a potential of 30 trillion cubic feet of lean gas in place (5.5 billion barrels of oil equivalent in place) covering an area of about 100 square kilometres. Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea and could become one of the world’s largest natural-gas finds.

This exploration success will give a major contribution in satisfying Egypt’s natural gas demand for decades, Eni said.

Abu Bakr said the Egyptian government has to design an effective energy policy, liberalise the market and cut energy subsidies in order to boost the energy sector.