A major natural gas discovery in the Eastern Mediterranean has been revealed by Egypt and Italian energy giant ENI, providing Cairo and the larger European continent with a possible lifeline as the war in Iran drives up the cost of energy imports.
There is seldom a more urgent moment. Since the Iran war intensified, Egypt’s natural gas supplies from Qatar and Israel have been significantly hampered, prompting Cairo to implement a number of energy-saving measures, including a business curfew, higher fuel prices, and slower government expenditure.
Last month, Egypt’s natural gas import cost nearly tripled because to the conflict, from $560 million (€515 million) to $1.65 billion (€1.52 billion) per month, according to Prime Minister Mostafa Madbouly.
The discovery brings up memories of Egypt’s most recent significant offshore achievement.
With an estimated capacity of 30 trillion cubic feet, the Zohr field, the largest in the Mediterranean, fuelled hopes in 2015 that Egypt may become a major exporter and energy self-sufficient.
Since then, those goals have been reduced. Using its liquefaction facilities to channel gas from neighboring nations, notably Cyprus, Egypt has shifted its focus to become a regional processing and transit hub.
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