Eni unveils new gas find offshore Egypt

Italian energy giant Eni announced on Sunday a significant new gas discovery in the Eastern Mediterranean Sea, offshore Egypt.

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

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

“Nargis-1 confirms the validity of Eni’s focus on Egypt Offshore, which the company will further develop thanks to the recent award of exploration blocks North Rafah, North El Fayrouz, North East El Arish, Tiba and Bellatrix-Seti East.” the statement read.

The company further said it 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.