By Ed Frankl

Eni SpA said it had made a significant new gas discovery off the coast of Egypt.

The Italian energy company said Sunday that it found gas-bearing sandstone at the Nargis-1 exploration well in the eastern Mediterranean Sea.

The discovery can be developed by taking advantage of its proximity to Eni's existing facilities, the company said.

Eni, via its wholly owned subsidiary IEOC Production BV, holds a 45% interest in Egypt's 1,800 square kilometer Nargis Offshore Area concession, along with an affiliate of Chevron Corp., which holds another 45%, and Egypt's Tharwa Petroleum Company SAE with 10%.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

January 16, 2023 02:16 ET (07:16 GMT)

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