Italy plans to cut its reliance on the Russian Gas Supply

Italy is considering cutting its reliance on Russian supplies for Oil and Gas. It, on the other hand, sees Egypt as a replacement to replace Russia as its Oil and Gas supplier. On Wednesday, the Italian oil and gas giant, Eni inked a framework agreement with state-owned Egyptian Natural Gas Holding Company (EGAS). EGAS will assist in maximizing gas production of liquefied natural gas (LNG). The company informed that this agreement, coupled with one signed last year to restart a liquefaction plant, will provide up to 3 billion cubic meters of LNG for Eni's European operations this year.

In a statement, Eni said: "The agreement aims to promote Egyptian gas export to Europe, and specifically to Italy, in the context of the transition to a low carbon economy." In a joint statement, Eni and EGAS said they'd explore ways to maximize short-term gas production and increase jointly operated gas activities. Further, Eni informed that it would ramp up exploration in existing blocks in Egypt, as well as newly acquired sites in Egypt's Nile Delta, Eastern Mediterranean, and the Western Desert regions. Eni started its Egyptian operations in 1954 and says it's the country's leading producer.