Eni and Tharwa Petroleum may begin exploration drilling in the anticipated Noor gas field in August, an anonymous source told Youm7.
Rumours have circulated since mid-June that Eni has discovered a 90 trillion cubic feet (tcf) field called Noor in the East Mediterranean.
An Eni spokesperson declined to give any comments on the discovery when contacted by the Gulf-based Arab News.
The ministry is yet to officially respond to the rumours.
Speculation increased further on June 27 after former petroleum minister Osama Kamal said in televised interview that the government would announce new discoveries in a “few days”.
Eni CEO Claudio Descalzi met Egypt’s President Abdel Fattah El Sisi on June 21. A few days later Descalzi revealed in a meeting with oil minister Tarek El Molla that the company would invest a further $3 billion into the Egyptian oil and gas sector.