Cairo – Mubasher: The Italian oil and gas company Eni said it has obtained a new offshore exploration license in Egypt.

The Rome-based firm is planning to drill an exploratory well in the second half of 2018, Reuters reported.

Eni holds an 85% stake in its joint concession with state-run Egyptian Natural Gas Holding Company (EGAS), while Tharwa Petroleum owns a 15% stake.

In May, Eni unveiled a new oil discovery on the A-2X exploration prospect at its South West Meleiha concession in Egypt’s Western Desert.