Egypt: Gas discovery spurs drilling in the Mediterranean, Nile Delta - ESI AFRICA

August 30, 2023

Yunus Kemp

Egypt plans to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta with $1.9 billion in investments until mid-2025.

This follows the discovery, announced in January, in the Nargis Offshore Area Concession which added reserves of 2.5 trillion cubic feet. The discovery is located in the Eastern Mediterranean off the Egyptian coast.

The Narges 1 well was drilled to a depth of 309 metres and has an estimated volume of reserves amounting to 2.5 trillion cubic feet of gas, the Egyptian government said.

“This has contributed to the interest of a number of international companies to develop the field and work on more explorations the government said.

The discovery of the new gas field comes at a time when Egypt is seeking to increase its gas reserves and exports for which demand has grown worldwide.

Eni announces new gas discovery offshore Egypt - REUTERS

January 15, 20231:44 PM GMT+2

MILAN, Jan 15 (Reuters) - Italian energy group Eni (ENI.MI) said on Sunday it had made a new gas discovery in an Egyptian offshore field in the Eastern Mediterranean sea.

State-controlled Eni is looking for new gas sources as it aims to completely replace gas imports from Russia by 2025 following the fallout from Russia's invasion of Ukraine.

The new discovery is located in the Nargis-1 exploration well and "can be developed leveraging the proximity to Eni's existing facilities", the group said in a statement.

The Nargis-1 well is part of Egypt's 1,800-sq. km Nargis Offshore Area concession operated by Chevron (CVX.N), with a 45% interest in it. Eni also holds a 45% stake, while Tharwa Petroleum Company SAE holds a 10% interest.

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