Eni makes a new gas discovery in Egypt
© Egypt Business Directory
Eni announced in an official statement on Sunday a new gas discovery in the Nargis Offshore Area Concession in the Eastern Mediterranean.
The discovery can be easily developed as it is close to Eni’s facilities that are already established in the area.
“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 statement added.
The company stated that this discovery proves it right for betting on Egypt’s offshore area. The company was recently awarded exploration blocks in North Rafah, North-East Al-Arish, North Al-Fayrouz and Toba and Bellatrix-Seti East blocks.
The Nargis Offshore Concession is about 1,800 square kilometres, and Chevron is the operator with an interest of 45%, while Eni’s IEOC Production BV holds another 45% interest and Tharwa Petroleum Company SAE has 10%.
Eni and Egypt have a long standing relationship spanning over 69 years through its affiliate IEOC which is currently the leading hydrocarbons producer in Egypt with 350,000 barrels produced per day. Eni is also participating in many initiatives for decarbonizing Egypt’s energy sector, as per the net-zero by 2050 strategy; these include renewable energy plants, bio-refining by agro feedstock and CCS plants.