Eni has signed an agreement to boost gas production in Egypt and boost liquefied natural gas supplies to Europe, the Italian energy group announced on Wednesday.
The move comes as Italy and Europe step up efforts to find alternative gas imports to reduce their dependence on Russian gas as the war in Ukraine escalates.
On Monday, Italian Prime Minister Mario Draghi struck a deal to boost gas imports from Algeria to help replace some of Italy’s 29 billion cubic meters from Russia.
Eni, which in 2015 discovered the super-giant Zohr gas field in Egypt, said it had agreed with the Egyptian Natural Gas Holding Company (EGAS) to boost gas production and intensify exploration of existing and new fields.
Eni said the deal could send up to 3 billion cubic meters of LNG to Europe this year.
Eni, of which the state is the largest shareholder, owns a stake in Egypt’s Damietta LNG plant, which has a capacity of more than 7.5 billion cubic meters per year.
Source: Capital
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