By January 12, 2016 Read More →

Mediterranean gas deposit could supply Europe’s energy needs for eight years: EU official

Mediterranean gas deposit found off Egypt

Mediterranean gas

Mediterranean gas deposits found off the shore of Egypt could supply countries in the region as well as Europe.

NICOSIA, Cyprus _ The EU’s energy chief says Europe could import gas from newly found deposits in the eastern Mediterranean as the continent seeks to diversify its supplies and bolster its energy security while keeping prices down.

Maros Sefcovic said Tuesday that initial estimates on gas quantities in eastern Mediterranean waters are “very promising” and there is clearly potential for export.

He said one field, the recently discovered Zohr deposit off Egypt, is estimated to hold enough gas to meet Europe’s annual energy needs of 400-500 billion cubic meters (14-17.6 trillion cubic feet) for eight years.

The EU official said gas could reach Europe once the energy needs of countries in the region are met.

Sefcovic said the EU sees the Mediterranean gas deposit as a “gateway” of potential gas supply routes to Europe.

The Canadian Press

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