The energy giant Chevron, which operates in the Nargis offshore concession, announced today (Sunday) a significant new gas discovery in the Nargis-1 exploration well located in the Nargis offshore concession in the eastern Mediterranean, Egypt.
In the Nargis-1 well, approximately 61 meters (200 feet) of sandstone layers from the Miocene and Oligocene geological periods were discovered containing natural gas. The well was drilled in a water depth of 309 meters (1014 ft) by the Stena Forth drilling rig.
The Nargis concession area is spread over approximately 1800 square kilometers. Chevron Egypt Holdings C Pte. Ltd holds 45% of the rights in the concession and serves as its operator, IEOC Production BV holds 45% of the rights in the concession and Tharwa Petroleum Company SAE holds 10% of the rights.
Chevron began operating in Egypt in 1937 and today it is present in the entire value chain of industry in the country, including production, processing and transmission and refining (upstream, midstream, downstream).
Chevron has rights in six exploration areas in Egypt, four of them as the operating company. Chevron operates two blocks in the western Mediterranean (North Sidi Barnai and North Al Daba), one block in the eastern Mediterranean (Nargis), and Block No. 1 in the Red Sea. Chevron has rights in two blocks in the western Mediterranean where it does not act as the operating company (North Marina and North Cleopatra).
“Chevron draws great encouragement from the success of the first exploratory drilling that revealed high-quality reservoirs following Chevron’s entry into activity in the Egyptian upstream field in 2020,” said Kelly Neff, the company’s president. “We look forward to continued cooperation with the Egyptian government, the Egyptian Natural Gas Holding Company (EGAS), and our other partners in order to support the growth of the energy sector in Egypt through this exploration program. According to him, “in the Eastern Mediterranean region there are plenty of energy resources and their development is a motivation for cooperation strategic in the area”.