Italian energy giant Eni said Sunday that it had made a new gas discovery in an Egyptian offshore field in the Eastern Mediterranean Sea.
Eni said in a statement that the discovery is in Egypt’s 1,800 square-kilometer Nargis Offshore Area concession while adding that the finding can be developed leveraging the proximity to the energy giant’s existing facilities.
Chevron and Eni’s subsidiary IEOC Production hold a 45% stake each in the Nargis-1 well while Tharwa Petroleum Company SAE holds a 10% interest.
The Italian energy group said that the discovery is “significant,” without disclosing the amount. Egyptian Natural Gas Holding Company (EGAS) said the quantity of reserves in the well was being evaluated and it would work with Chevron and the other partners to start production as soon as possible.
Eni is increasingly looking for new gas sources as the energy firm seeks to completely replace Italy’s gas imports from Russia by 2025 following the fallout from the war in Ukraine.
