The Egyptian Natural Gas Holding Company (EGAS) announced the achievement of a new discovery of natural gas in the Narges offshore concession area in the Mediterranean, following its efforts in cooperation with Chevron (operating in the Narges offshore concession area in the Mediterranean) and the Egyptian companies Eni and Tharwa announced a new and important gas discovery. In the exploration well Nargis-1 .
The discovery is located regarding 60 km north of the Sinai Peninsula, where the well Nargis-1 was drilled by the Stena Forth drilling rig at a water depth of 309 meters, and a reservoir thickness of regarding 61 meters was found among 140 meters of sandstone with good properties in the Miocene era. Lower and Oligocene era, at a total depth of the well exceeding 5,000 meters in the concession area, in which Chevron (operating operator) operates with a 45% stake, Eni with a 45% stake, while the Egyptian Tharwa Petroleum Company owns 10% of the contractor’s share, representing half of it. The corresponding for the other half goes to EGAS, and estimates for reserves are currently being evaluated with this disclosure, which is the first for Chevron in Egypt since it entered exploration work in the Mediterranean region and obtained three regions in 2020. .
EGAS aims to work with Chevron and partners to expedite putting the new discovery into production as quickly as possible, using a rapid drilling and development plan that relies on unconventional ideas for development using the current facilities, within the framework of the strategic plan of the Ministry of Petroleum and Mineral Resources to add gas reserves in the Mediterranean and Nile Delta regions. In cooperation with petroleum sector partners .
There is no doubt that the petroleum sector is keen to implement the directives of the political leadership to work to increase Egypt’s pivotal role in the region and support its capabilities as a regional center for gas and oil by increasing natural gas production to cover the needs of the local market first and then exporting the surplus to achieve the maximum return for the benefit of the state. .
