Italian energy company discovers new offshore gas field in Egypt

Italian energy company Eni has announced the discovery of an Egyptian offshore field in the Eastern Mediterranean Sea.

In a statement on Sunday, the company said the field is located in Egypt’s territorial water near the eastern city of Rafah.

“The Nargis-1 well has encountered approximately 61 metres of Miocene and Oligocene gas-bearing sandstones and was drilled in 309 metres of water by the Stena Forth drillship,” it added.

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

The company did not provide any figures regarding estimates of the natural gas in the field.

Eni said it would further develop the offshore area thanks to a recent award of several exploration blocks. The concession area measures some 1,800 square kilometres.

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Replacing gas imports from Russia

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 the war in Ukraine.

The Nargis-1 well is part of Egypt's 1,800-sq. km Nargis Offshore Area concession operated by Chevron, with a 45 percent interest in it.

Eni also holds a 45 percent stake, while Tharwa Petroleum Company SAE holds a 10 percent interest.

Egypt achieved self-sufficiency in gas in 2018, with an annual average of 64 billion cubic meters.

Egypt’s natural gas exports surged by 14.3 percent in 2022 to hit $8.4 billion.

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