Eni announces new gas discovery offshore Egypt

Italian energy group Eni said on Sunday it had made a new gas discovery in an Egyptian offshore field in the Eastern Mediterranean sea.

State-controlled Eni is looking for new gas sources as it aims to completely replace gas imports from Russia by 2025 following the fallout from Russia’s invasion of Ukraine.

The new discovery is located in the Nargis-1 exploration well and “can be developed leveraging the proximity to Eni’s existing facilities”, the group said in a statement.

The Nargis-1 well is part of Egypt’s 1,800-sq. km Nargis Offshore Area concession operated by Chevron, with a 45 per cent interest in it. Eni also holds a 45 per cent stake, while Tharwa Petroleum Company SAE holds a 10 per cent interest.

Eni described it as a significant gas discovery offshore of Egypt in the eastern Mediterranean and said the discovery at the Nargis-1 exploration well was made in the Nargis offshore area concession.

Eni said it would further develop the offshore area thanks to a recent award of several exploration blocks. The concession area measures some 1,800 square kilometres (about 700 square miles). — Reuters, AP

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