Italian Company Finds New Gas Field Off Egypt

Italian energy giant Eni has announced what it described as a significant gas discovery offshore of Egypt in the eastern Mediterranean, the Associated Press (AP) reported.

Photo Insert: Eni said the discovery at the Nargis-1 exploration well was made in the Nargis offshore area concession.

Eni said the discovery at the Nargis-1 exploration well was made in the Nargis offshore area concession. It added that it would further develop the offshore area thanks to a recent award of several exploration blocks.

The concession area measures some 1,800 square kilometers (about 700 square miles).

The discovery comes after Algeria also developed a vast oil field, Guyana revealed a big find and the US ramps up production of liquefied natural gas (LNG) in Texas, and Qatar and the United Arab Emirates (UAE) insisted that the world still needs fossil fuels for a long time.

Offshore oil production in the US is still going strong in the Gulf of Mexico even as wells on the California coast are being criticized by environmental groups for endangering the marine ecology, as recent oil spills proved.

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