‘Significant’ Gas Discovery Made off Egypt’s Coast

A “significant” new gas discovery has been made off the coast Egypt, the Italian energy group Eni announced on Sunday. The discovery was made at the Nargis-1 exploration well located in Nargis Offshore Area Concession, in the Eastern Mediterranean Sea, off the coast of Egypt.

“The discovery can be developed leveraging the proximity to Eni’s existing facilities,” Eni said in a statement.

Eni has operated in Egypt since 1954, through the subsidiary IEOC. “In line with the net-zero strategy by 2050, Eni is engaged in a series of initiatives aimed at decarbonizing the Egyptian energy sector, including the development of CCS plants, renewable energy plants, agro feedstock for biorefining and others,” the statement said.