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January 15, 2023 6:15 pm

‘Significant’ Mediterranean Gas Field Found Off Egyptian Coast

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avatar by Algemeiner Staff

A satellite image of the Mediterranean Sea. Photo: Eric Gaba/NASA World Wind

American and Italian energy giants Chevron and Eni announced on Sunday the discovery of an offshore Egyptian gas field in the eastern Mediterranean.

The “significant” finding was made at Nargis-1, an exploration well in the Nargis Offshore Area Concession, Eni stated. Chevron operates the 1,800-sq.-km. concession area with a 45 percent interest. Eni has a further 45 percent interest through a wholly-owned subsidiary, while the remaining 10 percent is held by Egypt’s Tharwa Petroleum Company.

Clay Neff, president of Chevron International Exploration and Production, said in a statement that the energy giant “is encouraged and excited by the success of this first exploration well which encountered high-quality reservoirs and follows from Chevron’s entry into the Egyptian upstream sector in 2020.”

“We look forward to working together with the Government of Egypt, the Egyptian Natural Gas Holding Company (EGAS) and our other partners to support the growth of Egypt’s energy sector through this exploration program,” he added. “The eastern Mediterranean has abundant energy resources, and their development is driving strategic collaboration in the region.”

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Last month, Egypt’s petroleum minister announced the finding of a gas field in the Nargis block. It is one of four blocks that Chevron has an operating interest in.

Chevron is active elsewhere in the Mediterranean, holding a 40 percent ownership and operating stake in Israel’s largest gas field, the Leviathan. It also has a 25 percent stake in Israel’s Tamar gas field. The fields jointly provide some 70 percent of the country’s electricity.

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