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Eni Spa announced a new gas discovery in the East Mediterranean Sea in offshore Egypt, according to a company statement on Jan 15.
The discovery is “significant,” but the amount wasn’t disclosed.
The Italian energy giant said the gas discovery is in the 1,800 km2 (695 miles2) Nargis offshore area and can be developed leveraging the company’s existing facilities. Chevron Holdings C Pte. Ltd. and Eni’s subsidiary IEOC Production BV hold a 45% stake each in the concession, while Tharwa Petroleum Company SAE holds a 10% interest, according to the statement.
Eni is increasingly relying on North Africa and Africa to increase gas imports to Italy after Russia cut supplies to Europe since invading Ukraine last year. Imports of liquefied natural gas are seen as key to boosting the country’s energy security by next winter, Eni Chief Executive Officer Claudio Descalzi said on Jan. 14.
