A “significant” new amount of gas has been found off the coast of Egypt, Italian oil and gas group Eni reports. This is a discovery in the Nargis gas field, which itself measures about 1800 square kilometers. According to Eni, the gas can be extracted with the company’s existing plants.
It could be good news for Italy. Eni has increasingly turned to North Africa for its natural gas after Russia drastically reduced its gas supplies to Europe following the Russian invasion of Ukraine.
Eni did not disclose exactly how much gas was found. The Nargis operation is 45 percent owned by a subsidiary of Eni and 45 percent by the American company Chevron. Tharwa Petroleum of Egypt has a 10% stake.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
