EGAS announces the discovery of new gas 60 km north of the Sinai Peninsula
The Egyptian Gas Holding Company (EGAS) has announced a new discovery in the Nargis offshore zone in the Mediterranean Sea, 60 km north of the Sinai Peninsula, in the Narges-1 exploration well.
The company said in a statement that these efforts culminated in cooperation with Chevron (operating in the Narges offshore concession zone in the Mediterranean) and the Egyptian companies Eni and Tarva.
The Egyptian company indicated that the Narjes-1 well was drilled by the Stena Fort drilling rig at a water depth of 309 meters, where a formation with a thickness of about 61 meters net was found among 140 meters of sandstone with good properties. with a total well depth of more than 5,000 square meters in a concession area in which Chevron (the operating operator) operates with a 45 percent share and Eni with a 45 percent share.
The Egyptian oil company Tarva also owns a 10 per cent stake in the contractor’s share, which is represented by the corresponding half of the other half of the EGAS share.
Reserve estimates are currently being evaluated using this disclosure, which is the first for Chevron in Egypt since it began exploration in the Mediterranean region and received three regions in 2020.