CAIRO – 14 March 2024: Chevron, an American company, has unveiled its plans to drill well for extracting natural gas from the Nargis 2 field in the deep waters of the Mediterranean Sea in Egypt. This operation is scheduled to take place during the last quarter (Q4) of 2024, with an initial investment of $60 million, a government official said to Asharq Bloomberg.
In early 2023, Chevron announced its exploration of Nargis1 field located in the eastern Mediterranean of Egypt. It is anticipated that this field holds natural gas reserves of around 2.5 trillion cubic feet.
Production from the Nargis1 field is set to commence in the first half of 2025, with an initial phase expected to yield 600 million cubic feet.
In February, Egypt's Minister of Petroleum and Mineral Resources, Tarek El Molla, revealed the country's objective to boost foreign investments in the oil and gas sector by 25 percent, targeting a total of $7.5 billion for the FY 2024/2025.
During the previous FY2022/2023, foreign investments in the sector reached $5.6 billion, up from $4.7 billion in the preceding FY 2021/2022, as shared by El Molla.
Furthermore, He announced in August that over the course of FY2024/2025, 35 new natural gas wells will be drilled, with investments exceeding $1.5 billion.
The minister also highlighted a separate plan to drill 45 natural gas wells in the Mediterranean Sea and the Delta, with investments valued at nearly $1.9 billion, as part of the ongoing development of natural gas exploration.
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