Eni announced today a significant new gas discovery at the Nargis-1 exploration well in the Eastern Mediterranean Sea offshore Egypt.
The discovery can be developed leveraging the proximity to Eni’s existing facilities, the Italian major said in a press release.
Nargis-1 confirms the validity of Eni’s focus on Egypt Offshore, which the company will further develop following 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 about 1,800 square kilometers. Chevron Holdings C Pte. Ltd. is the operator with a 45% interest, while Eni’s wholly owned Affiliate IEOC Production BV holds a 45% and Tharwa Petroleum Company SAE holds a 10% interest.
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.