Italian oil and gas multinational ENI announced on Sunday the discovery of a massive natural gas field off Egypt, which the company described as the “largest find in the Mediterranean”.

The deep water deposit in the Zahr lot in the Shorouk bloc could hold up to 30 trillion cubic feet of gas, equivalent to 5.5 billion barrels of oil.

“This historic discovery will transform the energy history in Egypt,” said Claudio Descalzi, the company’s CEO. It is estimated that the giant deposit, which covers an area of 100 square kilometers could, yield Egypt revenue worth $10 billion annually.

The Shorouk bloc borders on a bloc situated in the Greek EEZ (Exclusive Economic Zone) off the south-east coast of Crete, giving rise to hopes for cash-strapped country that there might be gas deposits there as well.