Italian Energy Giant Eni Discovers New Gas Field Off Egypt’s Coast – Statement
In this Friday, Feb. 23, 2018 file photo, an employee walks by banners with name and sign of energy firm Eni at Strovolos area in capital Nicosia, Cyprus. 
MOSCOW, (Sputnik) – Italian energy giant Eni announced on Sunday the discovery of a new gas field off the coast of Egypt in the Eastern Mediterranean Sea.
"Eni announces a significant new gas discovery at the Nargis-1 exploration well located in Nargis Offshore Area Concession, in the Eastern Mediterranean Sea, offshore Egypt," the statement said.
According to the company, the field can be developed using the proximity of the Eni’s existing facilities. “Nargis-1 confirms the validity of Eni’s focus on Egypt Offshore, which the company will further develop thanks to the recent award of exploration blocks North Rafah, North El Fayrouz, North East El Arish, Tiba and Bellatrix-Seti East,” the statement read. The Italian company has been operating in Egypt since 1954 through its subsidiary, IEOC. Egypt’s Nargis Offshore Area concession has an area of up to 445,000 acres, and the operators are both Chevron Holdings and IEOC with 45% interest, and Tharwa Petroleum Company SAE with 10% interest.
