Eni said discovery would play a “major” role in meeting Egypt’s demand for decades.
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Italian energy group Eni has discovered what it says is a "supergiant" gasfield off the coast of Egypt, the largest ever found in the Mediterranean Sea and which could provide a much-needed boost for the country's economy.US and European majors have had little to show for their efforts, the 'Big Five' of BP, Chevron, ExxonMobil, Royal Dutch Shell and Total shedding more than a billion barrels of reserves in 2014, according to figures in their annual reports, the sharpest decline in at least six years.Eni, however, said that exploration had been central to its growth strategy and in the last 7 years that it had found 10bn barrels of resources and 300m in the first half of this year.Eni, which has been active in Egypt since 1954 through its IEOC subsidiary, is the main oil and gas producer in the country, with equity production of 200,000 boe per day.
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