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Eni To Announce A New Gas Discovery: Egypt | |
| Sumita Pawar |
A report stated, "Eni announced a significant new gas discovery at the Nargis-1 exploration well located in the Nargis Offshore Area Concession, in the Eastern Mediterranean Sea, offshore Egypt."
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The Nargis-1 well has encountered approximately 200 net feet (61 metres) of Miocene and Oligocene gas-bearing sandstones and was drilled in 1,014 feet (309 metres) of water by the Stena Forth drillship. The discovery can be developed by leveraging the proximity to Eni’s existing facilities, according to the report.
Nargis-1 confirms the validity of Eni’s focus on Egypt Offshore, which the company will further develop thanks to the recent award of exploration blocks North Rafah, North El Fayrouz, North East El Arish, Tiba, and Bellatrix-Seti East.
Egypt’s Nargis Offshore Area concession is 445,000 acres (1,800 square kilometers).
Chevron Holdings C Pte. Ltd. owns 45% of the company, while Eni's wholly owned affiliate IEOC Production BV owns 40% and Tharwa Petroleum Company SAE owns 10%.
Eni has been present in Egypt since 1954, where it operates through the subsidiary IEOC.
The company is currently the country’s leading producer, with an equity production of hydrocarbons of approximately 350,000 barrels of oil equivalent per day.
According to the report, in line with the net-zero strategy by 2050, Eni is engaged in a series of initiatives aimed at decarbonizing the Egyptian energy sector, including the development of CCS plants, renewable energy plants, agro-feedstock for biorefining, and others.
By Sumita Pawar