Eni signs deal to boost Egypt LNG exports to Italy

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Eni (NYSE:E) said Wednesday it signed an agreement to secure more gas flows for Italy from Egypt, as Italy and other European countries scour the world for gas supplies that can replace piped imports from Russia.

Eni said the deal, combined with last year's agreement for the restart of Damietta liquefaction plant, will generate as much as 3B cm of LNG cargoes this year.

Earlier this week, the company struck a similar gas supply agreement with Algeria.

Separately, Eni said Wednesday it made new oil and gas discoveries in the Meleiha concessions in Egypt's Western Desert for ~8,500 boe/day.

The company, which is Egypt's leading producer with 360K boe/day in equity production, said the new discoveries already have been connected and tied into production.

Eni recently unveiled plans to spend 7B/year during 2022-25 while raising upstream production at 3% annually.