Eni, Chevron announce new Mediterranean gas discovery

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Italian energy group Eni and U.S. energy major Chevron revealed that they had made a new gas discovery in an Egyptian offshore field in the Eastern Mediterranean sea.

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

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.

Egypt’s position as a gas producer was boosted by Eni’s discovery of the giant Zohr field in the Eastern Mediterranean in 2015, though it has also started importing gas from Israel amid rising domestic demand.

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.

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 bio refining and others.

via Reuters, ENI

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