Eni Announced the Discovery of a Gas Field Off the Coast of Egypt
Italian oil and gas company Eni announced the discovery of a new gas field off the coast of Egypt in the eastern Mediterranean Sea.
“Eni is announcing a significant new gas discovery in the Nargis-1 exploration well located in the Nargis offshore concession in the eastern Mediterranean offshore Egypt,” Eni said in a statement posted Sunday on its website.
According to Eni, the field can be developed using the proximity of the company’s existing facilities.
Egypt has recently been increasing the production of “blue fuel”, since 2018 the country has refused to import gas. In addition, Cairo has repeatedly spoken about its intention to become a regional energy hub. In mid-January 2020, the countries of the Eastern Mediterranean initialed the first official agreement on the creation of a gas forum.
Eni discovered the largest Zohr gas field offshore Egypt in 2015. Its area is 231 square kilometers, potential reserves are estimated at 850 billion cubic meters. The development of the field involves partners under the Shorouk concession agreement, in which 30% belongs to Rosneft, 10% to British BP, 10% to Emirati Mubadala Petroleum and 50% to IEOC (Eni’s subsidiary).