It will take an estimated 5 years for the gasfield to come online -- although with President Sisi at the helm, it could take 2. He is absolutely incredible, almost a force of nature. Anyway, this is great news for the Egyptians.
CAIRO — Aug 31, 2015, 4:42 PM ET
By BRIAN ROHAN
Associated Press via ABC News
The discovery of a huge gas field off Egypt's coast promises to ease a long-running fuel crisis and boost the economy after years of unrest, but it will take years to develop and won't bring Gulf-style riches to the Arab world's most populous country, experts said Monday.
The new "supergiant" offshore Zohr field, revealed a day earlier by Italy's Eni SpA and billed as the "largest-ever" found in the Mediterranean Sea, could alleviate Egypt's need for gas imports in the coming years, when a booming population will lead to a spike in domestic demand.
The latest discovery — potentially 30 trillion cubic feet of gas — represents about half of Egypt's current needs, and would add to its current 65 trillion cubic feet, cut its trade deficit and bring in tax revenue when it comes online in some five years, said Angus Blair of investment advisory firm Signet.
"It's a very useful positive economic factor in Egypt," he said. "Obviously it will help President (Abdel-Fattah) el-Sissi and the government, but to look at it very practically, and economically, it has just come at a very good time."
[...]Plenty more in the report.
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