The firm issued a statement highlighting that the discovery is located in the Nargis-1 well, located in the Nargis Offshore area, about 1,800 square kilometers.
ENI has been operating in Egypt since 1954 and exploits the Egyptian Zohr field, the largest in the Mediterranean Sea, with an estimated reserve of 30 trillion cubic feet.
According to the firm’s website, it is the leading producer in Egypt with some 350,000 barrels of oil equivalent per day.
After achieving self-sufficiency in natural gas in 2018, the Cairo authorities are trying to use its geographical position to turn Egypt into a major supplier of that hydrocarbon to Europe.
From 2014 to 2022, the income of the country from the export of gas increased thirteen times.