Eni’s mega-find could aid Petroceltic’s Egypt plans

Under-fire Irish exploration firm, Petroceltic is being viewed as one of the potential long-term beneficiaries of Italian energy group, Eni’s apparent super-find off the coast of Egypt.

The Italian company said, on Sunday evening, that it had found one of the world’s largest natural gas fields off the coast of the northern African countr, stretching for 100sq km and, potentially, holding as much as 30 trillion cubic feet of gas, or 5.5bn barrels of oil equivalent (boepd).

Dublin-based Petroceltic, which is largely active in Algeria, was awarded a 50% interest in the North Port Fouad block a year ago, which is located approximately 5km west of Eni’s Zohr field.