Eni Spa announced a new gas discovery in the East Mediterranean Sea in offshore Egypt, according to a company statement on Sunday.
(Bloomberg) —
Eni Spa announced a new gas discovery in the East Mediterranean Sea in offshore Egypt, according to a company statement on Sunday.
The Italian energy giant said the find is in the 1,800 square-kilometer (695 square mile) Nargis offshore area and can be developed leveraging the company 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.
The discovery is “significant,” but the amount wasn’t disclosed.
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 boost country’s energy security by next winter, Eni Chief Executive Officer Claudio Descalzi said Jan. 14.
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