An Italian energy company has announced the discovery of a “supergiant” natural gas field near the coast of Israel.

According to the Italian energy firm Eni, the gas field to the west of Israel and found in Egypt’s territorial waters, could hold as much as 30 trillion cubic feet of gas, which is the equivalent of 5.5 billion barrels of oil.

The gas company said that the Zohr field “could become one of the world’s largest natural-gas finds” and could help meet Egypt’s gas needs for decades to come.

“This historic discovery will be able to transform the energy scenario of Egypt,” Claudio Descalzi, CEO of ENI, said in a statement.

The find by Egypt follows other significant natural gas discoveries in the eastern Mediterranean. Israel’s Leviathan and Tamar gas fields are thought to hold 16 trillion and 7.9 trillion cubic feet of gas respectively.