Egypt's Petroleum Corp, Eni set price for gas from Zohr field

The price of gas from the massive Egyptian offshore field Zohr will be ranging from a minimum of $4 to a maximum of $5.88 per million BTU, according to Mohamed El-Masry, Egypt's head of the General Petroleum Corporation (EGPC).

El-Masry told reporters at a press conference in Cairo on Tuesday that EGPC negotiated the prices with Italy's Eni, which discovered Zohr, earlier this week.

Zohr, which was discovered in August, has been deemed the largest gas field in the Mediterranean at an estimated 30 trillion cubic feet.

Eni expects to invest between $6 billion and $10 billion to develop the field, with operation scheduled to start in 2017.

According to El-Masry, Italy's Edison will complete its seismic survey of the area surrounding the Zohr gas field next month.