Egypt: A new gas field discovery
The Italian Eni company, announced a new gas field discovery, which it described as important, in the eastern Mediterranean, off the Egyptian coast.
According to a statement by the company, the new discovery is located in the exploration well Narges-1 located in the offshore Nargis concession area.
Eni company’s statement stated that “the Nargis-1 well encountered approximately 200 feet (61 m) of gas-bearing sandstones from the Miocene and Oligocene and was drilled in 1,014 feet (309 m) of water by the Stena Fürth drilling ship,” stressing that “it’s possible to develop the discovery takes advantage of the proximity to Eni’s existing facilities.
Eni statement pointed out that “the company will develop it further thanks to its recent granting of exploration areas north of Rafah, north of al Fayrouz, north-east of Arish, Thebes and Bellatrix City East”.
The statement pointed out that Egypt’s concession for the Nargis marine area amounts to 445,000 acre, which is equivalent to 1,800 square kilometers.
Chevron Holding CPTE Ltd. is the operator with a 45% stake, while the wholly owned subsidiary of Eni (IE Production BV) owns 45%, while Egyptian Tharwa Joint Stock Petroleum Company owns a 10% stake.