Eni announced a significant new gas discovery by Chevron at the Nargis-1 exploration well located in the Nargis Offshore Area Concession, in the Eastern Mediterranean Sea, offshore Egypt.
The Nargis-1 well encountered approximately 200 net feet (61 metres) of Miocene and Oligocene gas bearing sandstones and was drilled in 1,014 feet (309 metres) of water by the Stena Forth drillship.
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The explorer said the discovery can be developed leveraging the proximity of Nargis to its existing facilities. Eni said Nargis-1 confirms the validity of its focus on Egypt Offshore. It plans to develop the area 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 kilometres). Chevron Holdings C Pte. Ltd. is the operator with a 45% interest, while Eni’s wholly owned Affiliate IEOC Production BV holds 45% and Tharwa Petroleum Company SAE holds 10%.
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Eni said it has been present in Egypt since 1954, where it operates through the subsidiary IEOC. It is currently the country’s leading producer with an equity production of hydrocarbons of approximately 350,000 barrels of oil equivalent per day.
Additionally, Eni said it is engaged in a series of initiatives aimed at decarbonising the Egyptian energy sector, including the development of carbon capture and storage (CCS) plants, renewable energy plants, agro feedstock for bio refining and others.