Eni cools Egypt gas discovery talk

MILAN, July 2, 2018 – Italy’s Eni said on Monday that reports of a major new gas discovery offshore Egypt are premature, international media reported.

“There are prospects and new [geological] structures in Egypt, but we still haven’t discovered anything,” said CEO Claudio Descalzi, cited by Reuters.

Israeli energy stocks dipped last week after Egyptian media reported that the super-major was about to announce a huge discovery in the Shorouk concession, three times the size of the massive Zohr find in the same block. Exploration continues in the eastern Mediterranean, an area that includes the Israeli discoveries of Tamar and Leviathan, and the Aphrodite find offshore Cyprus. Eni is about to drill an exploration well in the Noor field, where the new discovery was rumoured to have taken place, in two months, the report added.

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