The huge gas field discovered by Italian energy giant Eni off the Egyptian coast will produce 30-35 billion cubic metres a day and its estimated size is "conservative", Eni's chief executive said Wednesday.
Eni estimates the size of the Zohr gas field in the Mediterranean to be 850 billion cubic metres but this could be raised, the oil and gas group's CEO Claudio Descalzi told an Italian Senate upper house of parliament hearing.
“We will see in 2016 when the exploration restarts,” he said.
Italy has 100 percent of the gas field, Descalzi said, adding that Eni wanted to develop the discovery quickly.
"This means 2017," he said, predicting that the field would not be the only one to be discovered in that area of the Mediterranean.
Europe's growing need for clean energy created export potential for some of the gas produced and the finds were likely to "have an excellent effect on employment," Descalzi said.
"I believe there is room for exports, but it must be decided by the Egyptian government'', he said.
