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.
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“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.