Italian energy group Eni (ENI.MI) said on Sunday it had made a new gas discovery in an Egyptian offshore field in the Eastern Mediterranean sea.
State-controlled Eni is looking for new gas sources as it aims to completely replace gas imports from Russia by 2025 following the fallout from Russia's invasion of Ukraine.
The new discovery is located in the Nargis-1 exploration well and "can be developed leveraging the proximity to Eni's existing facilities", the group said in a statement.
The Nargis-1 well is part of Egypt's 1,800-sq. km Nargis Offshore Area concession operated by Chevron (CVX.N), with a 45% interest in it. Eni also holds a 45% stake, while Tharwa Petroleum Company SAE holds a 10% interest.