Reuters: Eni's Credentials Boosted by Giant Gas Find in Egypt

Eni's "supergiant" gas find off the coast of Egypt bolsters its top-flight exploration credentials and gives the Italian energy group access to easy reserves that fit its strategy of seeking growth without sacrificing dividends.

Eni said on Sunday that its discovery ranked as the largest known gas field in the Mediterranean, covering an area of about 100 square kilometres (39 square miles) and containing a potential 30 trillion cubic feet (tcf) of gas.

Shares in the company rose as much as 4 percent on Monday. By 1148 GMT the stock was up 2.2 percent at 14.72 euros.

Eni, already Africa's biggest oil and gas explorer, was the first oil major to cut its dividend after a plunge in global oil prices. It is looking to reduce its stake in its Mozambique gas discovery and does not rule out doing the same for its latest find, dubbed Zohr. MORE