Photo Credit: Alf van Beem via Wikimedia
Eni offshore drilling equipment

Italian oil and gas group Eni is denying news reports suggesting it has made a major new offshore natural gas discovery in Egypt.

The rumor caused a 5% – 6% plunge in shares of the Israeli gas partnerships.

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“There are prospects and new [geological] structures in Egypt but we still haven’t discovered anything,” Eni Chief Executive Claudio Descalzi told reporters on Monday.

Descalzi was referring to recent reports which quoted a former Egyptian petroleum minister as saying Eni was about to announce a massive gas discovery off the Egyptian coast.

Eni last week announced its plan to begin drilling an exploratory well at its Noor field in Egypt’s North Sinai in two months.

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