Eni broadcasts new gasoline discovery offshore Egypt

MILAN, Jan 15 (Reuters) – Italian power group Eni (ENI.MI) mentioned on Sunday it had made a brand new gasoline discovery in an Egyptian offshore subject within the Jap Mediterranean sea.

State-controlled Eni is searching for new gasoline sources because it goals to utterly substitute gasoline imports from Russia by 2025 following the fallout from Russia’s invasion of Ukraine.

The brand new discovery is situated within the Nargis-1 exploration properly and “could be developed leveraging the proximity to Eni’s current services”, the group mentioned in a press release.

The Nargis-1 properly is a part of Egypt’s 1,800-sq. km Nargis Offshore Space concession operated by Chevron (CVX.N), with a forty five% curiosity in it. Eni additionally holds a forty five% stake, whereas Tharwa Petroleum Firm SAE holds a ten% curiosity.

Reporting by Giulio Piovaccari; Modifying by Susan Fenton

Our Requirements: The Thomson Reuters Belief Rules.