Egypt's Zohr gas field estimate halved - report

Leviathan

The Zohr gas field's 30 TCF estimate has been cut to 16 TCF, the Egyptian media reports, giving Leviathan new relevance.

The original estimate of 30 TCF in Eni's Zohr gas field has been cut to 16 TCF, the Egyptian media reports. Last August, Italian energy company Eni declared the Zohr gas field as a huge discovery with estimated reserved of 30 TCF.

The discovery shook up the situation in the Eastern Mediterranean with the Leviathan partners fearing that Egypt would no longer have any use for natural gas imports. Zohr was hoped to be one of the world's largest-ever gas finds. But if the reports of Zohr's reduced size are true, making it considerably smaller than Leviathan's 22 TCF, the Israeli gas field will suddenly have new relevance.

The reports pushed up the price of Delek Group Ltd. (TASE: DLEKG), and Ratio Oil Exploration (1992) LP (TASE:RATI.L) on the Tel Aviv Stock Exchange today.

Published by Globes [online], Israel business news - www.globes-online.com - on January 24, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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