Italian energy firm Eni announced in a statement on Sunday that it discovered a new gas field off the coast of Egypt in the Nargis Offshore Area Concession.

"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 read, adding that the field could be developed by leveraging the proximity to 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 adds.

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. pic.twitter.com/uQgcJvoQJP

— Sohbet Karbuz (@sohbetkarbuz) January 15, 2023

The energy giant has been conducting business in Egypt since 1945 via its ancillary, IEOC. 

The Nargis Offshore Area Concession covers up to 445,000 acres (1,800 square kilometers) and is operated by Chevron with a 45% interest, IEOC with 45% as well, and Tharwa Petroleum Company SAE with a 10% interest.

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