Huge offshore gas field a blessing for Egypt at a key time, experts say

Economic IndicatorsAssociated Press

Experts say the discovery of a huge natural gas field off the Egyptian coast is a major boon for the country that will help alleviate energy shortages and boost the economy.

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They say that the new "supergiant" offshore field revealed a day earlier by Italy's Eni SpA and billed as the "largest-ever" found in the Mediterranean Sea could alleviate the Arab world's most populous nation's need for gas imports.

Egypt is making a gradual economic recovery from the years of chaos since a 2011 uprising toppled longtime autocrat Hosni Mubarak. Rolling power cuts have been a regular feature of life as the country has been ruled by the military, an Islamist president and then a military-backed government.

This summer, however, Cairo has been largely spared the power cuts.