- Italian energy giant Eni has announced a significant gas discovery offshore of Egypt in the eastern Mediterranean.
- The 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.
On Sunday, Italian energy giant Eni announced a significant gas discovery in an Egyptian offshore field in the eastern Mediterranean. Eni said the discovery at the Nargis-1 exploration well was made in the Nargis offshore area concession. The Nargis-1 well is part of Egypt’s 1,800-sq. Km Nargis, Offshore Area concession, is operated by Chevron, which holds a 45% interest. Eni holds a 45% stake, while Egypt’s Tharwa Petroleum Company SAE has a 10% interest.
Eni said it would further develop the offshore area thanks to a recent award of several exploration blocks. The concession area measures 1,800 square kilometres (about 700 square miles). Egypt’s state-owned EGAS said the number 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. The 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.
Egypt’s position as a gas producer was boosted by Eni’s discovery of the giant Zohr field in the Eastern Mediterranean in 2015. However, it has also started importing gas from Israel amid rising domestic demand. However, in an official statement, the discovery is located in the Nargis-1 exploration well and “can be developed leveraging the proximity to Eni’s existing facilities”.