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Page added on September 1, 2015

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New ‘Super Giant’ Natural Gas Field Could Be Straw That Breaks OPEC’s Back

A new super-giant natural gas field could prove to be the largest ever discovered on earth and also end up satisfying energy demand in parts of the Middle East and the Mediterranean for decades to come.

Italian energy firm Eni made the find off the northern Egyptian coast. According to the company, there could be as much as 30 trillion cubic feet of gas in the Zohr field – equivalent to 5.5 billion barrels of oil. The field covers around 100 square kilometres and is approximately 1,450 metres below ground.

“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,” said Eni CEO Claudio Descalzi. Egypt’s petroleum industry confirmed the find in a statement. However, the true size of the find won’t be known for certain until drilling begins.

The discovery, which could contribute to Egypt’s energy mix for “decades,” could also help the country break a potential over-reliance on the Persian Gulf States and other OPEC nations. Some of the output could also be shipped to Italy and other Mediterranean countries. OPEC nations are taking a big financial hit thanks to the dramatic fall in the price of oil and an explosion in the use if shale gas.

If initial reports turn out to be accurate, the field could amount to 45 percent of Egypt’s gas reserves, according to analysts. Eni has historic ties with Egypt and has operated in the country for 50 years and signed a $2bn deal with the country’s oil ministry in early 2015.

Eni is the sole license holder for the Zohr field. The company wants to start drilling and setting up new pipelines next year with the first benefits potentially coming on stream by 2018 but Descalzi refused to put a firm date on when production could begin.

“I don’t want to put a date now but it is a question of a few years to have production—then a full production, that will be a very quick fast track development,” said Descalzi. Eni is facing a tough market with low oil prices and was forced to cut its dividend and investments earlier this year.

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34 Comments on "New ‘Super Giant’ Natural Gas Field Could Be Straw That Breaks OPEC’s Back"

  1. Kenz300 on Tue, 1st Sep 2015 8:26 am 

    Seems like solar energy would be the fuel of choice in the desert……….. go figure…..

  2. penury on Tue, 1st Sep 2015 9:00 am 

    Another dream of energy forever. Sorry it is not going to happen. The resources to develop this field (if it exists)are not available. I mean Egypt and Italy? Liquidity in the financial system is not healthy in fact it is almost gone.

  3. joe on Tue, 1st Sep 2015 9:00 am 

    Oh wow they found 2 years of global oil supply equivalent. Maybe 3yrs gas supply. With declines in other fields etc…
    Yeah, opec is shaking in its boots.

  4. onlooker on Tue, 1st Sep 2015 9:26 am 

    What is the common thread in all this? That whether their is financial resources or not the underlying energy and resources are just not there in the necessary amounts to keep this economic capitalistic system running. As many here know it is not running out completely of oil it is running out of cheap oil that begins a vicious spiral downward which we already are on. No amount of money can create real resources out of thin air.

  5. BobInget on Tue, 1st Sep 2015 10:43 am 

    Don’t belittle this gas discovery. Egypt is on life support. If it were not for Saudi Arabia providing highly discounted oil Egypt would have collapsed
    (again) . While it will take a few years, natural gas is ‘absolutely essential to Egypt’s and the entire
    region’s survival’.

    This summer’s record heat only draws a red line under this last statement. New heat records will be broken with each new year for the entire planet. Obviously, desert regions, already over heated will get demonstrably worse.

  6. Plantagenet on Tue, 1st Sep 2015 11:01 am 

    This doesn’t hurt OPEC. This hurts Russia. The EU has been looking for a non Russian source of NG. Now they’ve got one in Egypt

  7. penury on Tue, 1st Sep 2015 11:39 am 

    Bobinget I would never belittle this “gas’ discovery, what I am trying to say is} Egypt is on life support, SA is borrowing funds to run their gov. Italy is in worse economic state than Greece. The world runs on energy but energy companies run on money. We have passed “Peak Borrowing” in most countries and no one has the money to pay their debts. Spending billions more to produce a product which will not be available for a minimum of 5 years is not an “investment” that anyone can afford durrently.

  8. Lawfish1964 on Tue, 1st Sep 2015 1:53 pm 

    I counted the word “could” eight times in that article. I’ll believe it when I see it.

  9. BobInget on Tue, 1st Sep 2015 2:21 pm 

    If Israel doesn’t admit to having nuclear weapons, why should Saudi Arabia?
    Here’s a tidbit of confirmation I’ve maintained here for a year.

    Aide Tells Clinton: Saudi Arabia Already Has The Bomb
    In 2010 memo, a Clinton confidant recounts claims from German official on Saudi Arabia’s nuclear ambitions

    By Rachael Levy on Sep 01, 2015 at 9:45 AM
    As far back as 2010, Hillary Clinton received word that Saudi Arabia, in a long-standing battle with Iran for regional dominance, already had access to nuclear weapons. The revelation comes from newly-released emails from Clinton’s private account during her time as Secretary of State.

    Dated February 2010, a memo from longtime confidant Sidney Blumenthal to Clinton, reads much like a conversation that could have taken place this year as the controversial P5+1 nuclear talks with Iran were held.

    Blumenthal was relaying to Clinton the details of his dinner conversation with Joschka Fischer, the former German Foreign Minister and Vice Chancellor from 1998-2005. At the time Fischer was director of the Nabucco natural gas pipeline project, which would bring gas from Middle Eastern and Caspian fields across Turkey’s Anatolian plateau, and north into Europe.

    According to Blumenthal: “Fischer points out that if Iran develops nuclear weaponry the Saudis already have their own bomb. The Saudis invested in Pakistan’s nuclear weaponry partly for this eventuality; that’s their bomb in reserve.”

    One of the key arguments against the Iran nuclear agreement has been the fear that it will spark an atomic arms race in the Middle East, with much of the speculation centering on Riyadh. In May, former Saudi intelligence chief Prince Turki bin Faisal threatened to match Iranian enrichment capabilities: “Whatever the Iranians have, we will have too.”

    In addition to his commentary on Saudi Arabia, Blumenthal related Fischer’s ‘intelligence’ on the political climate in Iran towards nuclear negotiations around the same time period, in February 2010. Nuclear negotiations were generally perceived to have been re-initiated in 2013 following the election Hassan Rouhani, considered a reformer and moderate within the Iranian regime.

    Since the nuclear accord was signed earlier this year, it was revealed by Iran’s supreme leader Ayatollah Khamenei that negotiations pre-dated Rouhani’s election, and that a secret diplomatic channel was opened and bilateral talks held in Oman as early as in March 2013. “Our negotiations with the Americans are, in fact, different from our negotiations with the P5+1. The Americans themselves asked for these negotiations and their proposals date back to the time of the tenth [Mahmoud Ahmadinejad] administration,” Khamenei declared.

    Blumenthal says Fischer intimated that such overtures for negotiations may have happened as the Iranian government was still recovering from a wave of protests against the 2009 Iranian presidential election results and President Ahmadinejad’s disputed re-election.

    These negotiations may have had a surprising champion in Mahmoud Ahmadinejad, who was largely perceived as an obstacle because of his conservative hardline stance towards the West. However Blumenthal told Clinton that “according to Fischer’s intelligence, Ahmadinejad wished some negotiated settlement but was blocked. The regime has splits at the top.”

  10. zoidberg on Wed, 2nd Sep 2015 8:34 am 

    Peak oil authors better bone up on their peak gas knowledge to sell books I guess.

  11. JoeS on Wed, 2nd Sep 2015 10:17 am 

    The coming of electric cars may not be a good business in the oil and gas industry.

  12. AMERI on Wed, 2nd Sep 2015 10:39 am 

    This is happening at the best time for Egypt. Oil platforms and drilling cost are at rock bottom. In 4 years time when in full production oil and gas prices may have recovered so that Egypt will have high value at low investment cost. Once in production it will kick up Egypts GNP by 2-3 percent, coming on top of Suez Canal and other projects Egypt GNP may reach 7% or greater growth rate,

    Of course Eni will get a big slice of profits, which is very unfair to developing countries giving a good share of natural resources to oil companies.

  13. Thinkerbus on Wed, 2nd Sep 2015 10:50 am 

    This should keep the price of natural gas low for years to come and will help the transition from diesel to natural gas for U.S. heavy duty OTR trucks, which in turn will help America finally become energy independent ($75 Billion a year at today’s prices), help the environment, save money for the trucking companies and increase U.S. employment. Follow related developments with Clean Energy Corp. and Westport. Excellent News!

  14. Davy on Wed, 2nd Sep 2015 11:07 am 

    Tinkerbus, you are losing me in the happiness of the moment. For a moment there I had the feeling all our problems were solved. Surely you don’t believe what you just wrote is feasible and likely. We may become energy independent when globalism is no longer the economic system IOW energy will not be needed at current levels and few if any imports will be possible. OTR Trucks may change over to gas in limited applications but this will likely be insignificant in the bigger picture. I am not sold on the idea gas helps the environment. Lowering consumption does more for the environment.

  15. GregT on Wed, 2nd Sep 2015 1:29 pm 

    Tinkerbus,

    How do you propose that adding more greenhouse gases into the atmosphere, in any way will “help the environment?

  16. alokin on Wed, 2nd Sep 2015 5:27 pm 

    Bob, really nice! SA is not stable even less with the low oil price. Looks BAD.

  17. David Griffin on Wed, 2nd Sep 2015 8:51 pm 

    The ‘little sister ‘,nickname of the Icelandic volcano that erupted a few yrs ago, and shut down Europe, emitted, in 24 hrs., more pollutants into the atmosphere, than ALL the INTERNAL COMBUSTION ENGINES EVER BUILT BY MAN. It could be 48 hrs, but please understand how Mother Nature makes our contribution SO FRICKIN SMALL…..ever notice how so-called experts touting the left’s climate agenda, NEVER refer to NASA’s, JPL’s, or anyone else, who might actually have THE DATA that tells the real story ? It’s always computer models, where they play with projections, nothing real. Follow the $ trail and it all becomes clear.

  18. Kenz300 on Thu, 3rd Sep 2015 10:03 am 

    Use of fossil fuels needs to decline if we are to have any hope of dealing with Climate Change…….

    Climate Change is real….. we need to deal with the cause (fossil fuels)

    Listen Up: Pope Calls for the Replacement of Fossil Fuels, Renewable Energy and Solar Subsidies – Renewable Energy World

    http://www.renewableenergyworld.com/articles/2015/07/listen-up-pope-calls-for-the-replacement-of-fossil-fuels-renewable-energy-and-solar-subsidies.html

  19. Ed on Thu, 3rd Sep 2015 4:08 pm 

    And the Ponzi scheme continues for a little bit longer. 30 more years of living the high life please. After that I don’t give a *£$%. I’m fed up trying to explain peak oil, overshoot, limits to growth to clueless people.

  20. onlooker on Thu, 3rd Sep 2015 4:37 pm 

    yeah Ed, it is like talking to a brick wall.

  21. apneaman on Thu, 3rd Sep 2015 5:14 pm 

    David Griffin, you’re full of shit. Fuckk off retard.

  22. apneaman on Thu, 3rd Sep 2015 5:25 pm 

    Smoke From Peat Bog Fires Blankets Europe and Russia Amidst Record Heat and Drought

    “According to reports in the Associated Press, on September 1 of 2015, Kiev shattered its all-time record high temperature as readings rocketed to 35.5 C (96 F) in a city stifling under the pall of bog-fire smoke. The city ordered school cancellations and urged restraint in the use of fossil fuel burning vehicles as gray smog choked the city pushing air pollution levels to between 2 and 18 times normal.

    For Kiev, it was just one more hot, dry day among many. A heat dome high pressure system has dominated the region for much of late July through early September. And rainfall totals for the past month were just 4 percent of average. Now bogs across a wide swath of Ukraine and Russia are drying out, issuing tell-tale plumes of smoke, and filling the region with a choking smog.”

    http://robertscribbler.com/2015/09/03/smoke-from-peat-bog-fires-blankets-ukraine-and-western-russia-amidst-record-kiev-heat/

  23. Another Northwest Resident on Thu, 3rd Sep 2015 7:29 pm 

    “The ‘little sister ‘,nickname of the Icelandic volcano that erupted a few yrs ago, and shut down Europe, emitted, in 24 hrs., more pollutants into the atmosphere, than ALL the INTERNAL COMBUSTION ENGINES EVER BUILT BY MAN. It could be 48 hrs,”

    Citations? Did you get this from the great book of “Outta My Ass”?

    Just wondering…

  24. MrNoItAll on Thu, 3rd Sep 2015 8:07 pm 

    Another Northwest Resident? Hey! That’s a rip off of my former sock puppet’s handle. I LIKE IT! Dude, let’s party this weekend like the end is near — you know, because it just might be.

    Are we talking about Bardarbunga’s “little sister” Laki?

    Cool name for a volcano, by the way — talking about Bardarbunga,not Laki.

    From Wikipedia:

    “The system erupted over an eight-month period between 1783 and 1784 from the Laki fissure and the adjoining Grímsvötn volcano, pouring out an estimated 14 km3 (3.4 cu mi) of basalt lava and clouds of poisonous hydrofluoric acid and sulfur dioxide compounds that killed over 50% of Iceland’s livestock population, leading to a famine which then killed approximately 25% of the island’s human population.[4]

    The Laki eruption and its aftermath caused a drop in global temperatures, as sulfur dioxide was spewed into the Northern Hemisphere. This caused crop failures in Europe and may have caused droughts in India. The eruption has been estimated to have killed over six million people globally,[5] making it the deadliest in historical times.”

    Not sure about how volume of Laki eruption “pollution” compares to total volume of internal combustion “pollution” throughout history. But I do know that I’d rather be breathing tailpipe emissions than hydrofluoric acid and sulfur dioxide compounds — assuming I had a choice.

    And this may be a minor point, but I don’t think of volcanic eruption gasses as “pollution” because pollution is in general man-made but volcanic eruptions are produced by Mother Nature and so, part of the great natural scheme of things.

    Attempting to comfort oneself with the knowledge that hey, a volcanic eruption produces more “pollution” than all of man-made combustion engine pollution seems like a really lame and self-deceiving act of rationalization to me.

    Great book of “Outta My Ass” — are they still publishing that classic? 🙂

  25. apneaman on Thu, 3rd Sep 2015 8:08 pm 

    More Fatal Earthquakes to Come, Geologists Warn

    “The untold – and terrifying – story behind the earthquake that devastated Nepal last Saturday morning begins with something that sounds quite benign. It’s the ebb and flow of rainwater in the great river deltas of India and Bangladesh, and the pressure that puts on the grinding plates that make up the surface of the planet.

    Recently discovered, that causal factor is seen by a growing body of scientists as further proof that climate change can affect the underlying structure of the Earth.

    Because of this understanding, a series of life-threatening “extreme geological events” – earthquakes, volcanoes and tsunamis – is predicted by a group of eminent geologists and geophysicists including University College London’s Bill McGuire, professor emeritus of Geophysical and Climate Hazards.”

    http://www.newsweek.com/nepal-earthquake-could-have-been-manmade-disaster-climate-change-brings-326017.html

    Waking the giant: climate forcing of geological hazards

    Prof Bill McGuire gives an excellent seminar presentation on the influence of climate change on geological systems. Small changes in the Earth’s crust can potentially trigger large hazards such as earthquakes and volcanoes. Prof McGuire explores the link between episodes of major climate transition and geohazards.
    Bill McGuire is Professor of Geophysical & Climate Hazards at UCL. He was a member of the UK Government’s Natural Hazards Working Group, established in 2005 in the wake of the 2004 Indian Ocean tsunami, and in 2010 a member of the Scientific Advisory Group for Emergencies (SAGE), addressing the Icelandic ash problem. He is a contributing author on the 2011 IPCC Report on climate change and extreme events. His current research focus is climate forcing of geological hazards.

    https://vimeo.com/39489335

  26. onlooker on Fri, 4th Sep 2015 12:23 am 

    Yes Ap and also look at the effects of melting glaciers surely that is and will be having an effect on the underlying Earth plates and thus can lead to natural catastrophes.

  27. Davy on Fri, 4th Sep 2015 5:15 am 

    Ape Man, I have read as much. We have always had periods of calm and extremes. wE have been through a period of earth calm. This is why civilization began. Civilization can end in a snap of a finger when Nature’s acquiescence ends.

  28. apneaman on Fri, 4th Sep 2015 7:58 am 

    If we had not messed around it might have been relatively stable for another 40-50 thousand years when the next ice age is due or yellowstone could erupt in a couple of decades from now and end civilization in a matter of months. 3 billion years of life on this planet and it’s looking more and more like the lifespan of civilization will be but 10,000 years. Ba ha ha, Oh ye mighty apes.

  29. apneaman on Fri, 4th Sep 2015 8:03 am 

    Oh, and the great neo-liberal globalization economic project doesn’t look like it’s even going to see 50 years. Dumb fucks.

  30. Kenz300 on Fri, 4th Sep 2015 9:27 am 

    Fossil fuels are cooking the planet….. the sooner we transition to safer, cleaner and cheaper alternative energy sources the better.

    Global Renewable Energy Is Status Positive – Renewable Energy World

    http://www.renewableenergyworld.com/articles/2015/07/global-renewable-energy-is-status-positive.html

    ———————-

    Global Renewable Energy Roundup: China, Kenya, Turkey, India Seeking More Renewables – Renewable Energy World

    http://www.renewableenergyworld.com/articles/2015/08/global-renewable-energy-roundup-china-kenya-turkey-india-seeking-more-renewables.html

  31. zoidberg on Fri, 4th Sep 2015 11:36 am 

    Angry climate change zeolots. Beautiful to see.shout down nay sayers some more. It clearly shows your position.

  32. apneaman on Fri, 4th Sep 2015 11:46 am 

    zoid you can fuck off too. There is no “position”, just reality and irritation with having to listen to the last of the true believer hanger on’s. There are still a few flat earthers left too, but they don’t come around with their annoying claims. It won’t be long now until all you denier fucks will be like Peter with Jesus – denying you ever denied to save your asses.

  33. apneaman on Fri, 4th Sep 2015 11:49 am 

    Vanishing glaciers of Alaska

    http://www.cbsnews.com/pictures/repeat-photography-of-alaskan-glaciers/

  34. apneaman on Fri, 4th Sep 2015 11:51 am 

    Watching African Wave 91L; Rare September European Heat Wave Smashes Records

    http://www.wunderground.com/blog/JeffMasters/comment.html?entrynum=3101


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