Eni Announces ‘Significant’ Offshore Gas Discovery in Egypt

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’s find is in the 1,800 square kilometer (695 square miles) Nargis offshore area and can be developed leveraging the company existing facilities, according to statement.

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 statement.

The discovery is “significant” but the amount wasn’t disclosed.

Eni is increasingly relying on Northern 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 is seen as key to boost country’s energy security by next winter, Eni Chief Executive Officer Claudio Descalzi said on Jan. 14.