EGAS works on evaluating gas exploration reserves in Egypt’s Nargis-1 well

CAIRO - 15 January 2023: The Egyptian Natural Gas Holding Company (EGAS) said Sunday that the estimates of reserves are currently being evaluated in the first petroleum discovery of the American giant Chevron in Egypt, since it entered exploration work in the Mediterranean region and obtained three blocks in 2020, the Egyptian Natural Gas Holding Company (EGAS).


The Italian company, Eni, announced earlier a new gas discovery at the Nargis-1 exploration well located in Nargis Offshore Area Concession, in the Eastern Mediterranean Sea, offshore Egypt.


The company stated that the Nargis-1 well has encountered approximately 200 net feet (61 m) of Miocene and Oligocene gas bearing sandstones and was drilled in 1,014 feet (309 m) of water by the Stena Forth drillship. The discovery can be developed leveraging the proximity to Eni’s existing facilities.


The data announced by the company stated that the Nargis-1 confirms the validity of Eni’s focus on Egypt Offshore, which the company will further develop thanks to the recent award of exploration blocks North Rafah, North El Fayrouz, North East El Arish, Tiba and Bellatrix-Seti East.


Egypt’s Nargis Offshore Area concession is ~445,000 acres (1,800 square kilometers).  Chevron Holdings C Pte. Ltd. is the operator with a 45 percent interest, while Eni’s wholly owned Affiliate IEOC Production BV holds a 45 percent and Tharwa Petroleum Company SAE holds a 10 percent interest.


Eni has been present in Egypt since 1954, where it operates through the subsidiary IEOC. The company is currently the country's leading producer with an equity production of hydrocarbons of approximately 350,000 barrels of oil equivalent per day. In line with the net-zero strategy by 2050, Eni is engaged in a series of initiatives aimed at decarbonizing the Egyptian energy sector, including the development of CCS plants, renewable energy plants, agro feedstock for bio refining and others.