Eni, an Italian energy group, has discovered a "supergiant" gas field off the coast of Egypt's shore, according to a press release issued by Eni.
The gas field is the largest gas discovery in Egypt and the Mediterranean Sea, and could potentially be the largest natural gas find in the world.
The discovered gas field, which is named Zohr 1X NFW, is located in the Economic waters of Egypt's Offshore Mediterranean, according to the press release.
It is located in 4,757 feet, or 1,450 meters, of water depth.
Zohr could potentially hold 30 trillion cubic feet of lean gas in place, or about 5.5 billion barrels of oil in equivalent place, which is covering an area of about 100 square kilometers, according to the press release.
The discovered gas would provide, for decades, a major contribution to Egypt's demand for natural gas.
Claudio Descalzi, CEO of Eni, said in the press release that the discovery will transform Egypt's energy scenario.
"Our exploration strategy allows us to persist in the mature areas of countries which we have known for decades and has proved to be winning, reconfirming that Egypt has still great potential," he said. "This historic discovery will be able to transform the energy scenario of Egypt in which we have been welcomed for over 60 years."
BBC News adds that Eni signed an exploration deal in June worth $2 billion with Egypt's oil ministry that allows the company to explore in the Mediterranean.
The company is also allowed to do explorations in Sinai, the Gulf of Suez, and areas in the Nile Delta.
BBC adds that the discovery follows other discoveries made in the Mediterranean in recent years, including a discovery by Israel, Egypt's neighbor country.
Eni will immediately have the gas field appraised to fast track the development of the discovery, according to the press release.
The development of the discovery will use, at best, the existing offshore and onshore infrastructures.
