After the discovery of a huge natural gas deposit in Egyptian waters hopes were raised to find more such gas fields in the eastern Mediterranean.They could help in satisfying Europe's growing hunger for energy, Eni's Chief Exploration Officer Luca Bertelli said. Because of the "milestone" discovery by Eni, other major oil and gas companies are showing renewed interest in the region.

Eni expects the first gas deliveries from the new gas field dubbed Zohr by the end of 2017. Bertelli said that waters off Cyprus also hold great potential for new discoveries, because they share similar geological features to those around the Zohr deposit. Earlier drilling by an American company resulted in a find with an estimated reserve of over 4 trillion cubic feet.

The discovery is a major game changer for Egypt. The country has turned into an importer in recent years becasue of the constantly rising domestic energy demand. The field will probably save Egypt billions of dollars that would otherwise be spent on imports. Egypt is currently seeking to attract foreign investors, as the country wants to transform itself into a major gas trading hub for the Mediterranean region. Additional discoveries would boost this plan dramatically.