Eni chief says Egyptian gas find estimate conservative, could be raised

The estimate for Eni’s giant gas find off the coast of Egypt of 850 billion cubic metres may be higher.

The estimate for Eni’s giant gas find off the coast of Egypt of 850 billion cubic metres of gas is “conservative” and could be raised, the chief executive of the Italian oil and gas group said on Wednesday.

The estimate “is conservative and could be raised, below we have found another field,” Claudio Descalzi told a Senate hearing in Rome.

Before entering the hearing, Mr Descalzi told journalists that the gas estimates for the Zohr field could be upgraded but not to the same extent they were for the Mamba field in Mozambique, where estimates were raised by 100 per cent.

“We will see in 2016 when the exploration restarts,” he said.

Eni’s giant gas find bolsters its top-flight exploration credentials and gives the company access to easy reserves that fit its strategy of seeking growth without sacrificing dividends.

Follow The National's Business section on Twitter