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Offshore gas deposit discovered in Egypt
Link: https://www.rt.com/business/569950-egypt-gas-field-discovery-eu/
Italy’s Eni plans to develop the field with US major Chevron | Italian energy major Eni has announced the discovery of a new offshore gas deposit in Egypt at the Nargis-1 exploration well, which is located in the Eastern Mediterranean Sea’s Nargis offshore area concession, the company said on Sunday. ● The Nargis-1 well is part of Egypt’s 1,800-square-kilometer Nargis offshore area concession operated by the US oil and gas giant Chevron. Both companies own a 45% stake in the exploration project, while a 10% stake belongs to Egypt’s Tharwa Petroleum Company SAE. ● The volume of reserves in the well are being evaluated, Egypt’s state-owned EGAS said, adding that it would work with Chevron and the other partners to start production as soon as possible. ● Eni has been present in Egypt since 1954, where it operates through the subsidiary IEOC. The company is currently the country’s leading supplier, with hydrocarbon production reaching approximately 350,000 barrels of oil equivalent per day.
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