The New York Times: A Gas Discovery in Egypt Threatens to Upend Mideast Energy Diplomacy

The Italian energy company Eni knew it was taking a big risk this summer when it spent $60 million on an exploratory rig and began drilling more than 100 miles off the coast of Egypt.

Eni’s gamble worked. The company, using drilling rights from the Egyptian government, found what it called a “supergiant” natural gas field. It may be the largest discovery yet in the Mediterranean and is one of the world’s biggest new gas finds in years.

(...)

As with so many things in the Middle East, however, the discovery of the gas field has geopolitical repercussions. And it has thrust Eni’s chief executive, Claudio Descalzi, into the role of shuttle diplomat.

Read the full article HERE.