Flash note: Massive ENI discovery close to PCI licence
There was good news for Petroceltic (PCI) over the weekend. ENI announced that it had made a 30tcf GIIP discovery offshore Egypt, the largest ever gas find in the Mediterranean. The discovery, Zohr, is in the corner of a block adjacent to the North Port Fouad (NPF) licence, which Petroceltic shares on a 50:50 basis with Edison (operator). Zohr is around 3.5km from the block boundary and, according to ENI, covers 100km2. It is therefore possible that the field encroaches into the PCI/Edison block. In addition to a possible interest in Zohr, PCI has a significant interest in a licence that sits between a number of very large gas fields – Zohr to the west and Leviathan (22tcf) and Tamar (10tcf), which lie to the east, offshore Israel.
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