Initial investment in Eni mega gas field in Egypt about $3.5 bln

CAIRO – Egypt said that the initial investment in a mega gas field discovered off its coast by Italian energy group Eni will amount to about $3.5 billion.

“I estimate Italian Eni investments to extract natural gas discovered yesterday will be about $3.5 billion,” Khaled Abdel Badie, head of state gas company EGAS, told Reuters.

Eni said on Sunday it had discovered the largest known gas field in the Mediterranean off the Egyptian coast, predicting it could help meet Egypt’s gas needs for decades to come.