Egypt Makes New Offshore Gas Discovery

Egypt Makes New Offshore Gas Discovery (News Central TV)

A new gas discovery in an Egyptian offshore field in the Eastern Mediterranean Sea has been announced, Italian energy group Eni said on Sunday.

Following the fallout from Russia’s war with Ukraine, state-controlled Eni is seeking new gas sources in order to completely replace gas imports from Russia by 2025.

Egypt Makes New Offshore Gas Discovery (News Central TV)

The new discovery was made in the Nargis-1 exploration well and “can be developed leveraging the proximity to Eni’s existing facilities,” the group said in a statement.

Chevron operates the Nargis-1 well which is part of Egypt’s 1,800-sq. km Nargis Offshore Area concession. Egypt has a 45 percent interest in it. Eni also holds a 45 percent stake, while Tharwa Petroleum Company SAE holds a 10 percent interest.

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