Eni, new gas discovery off the coast of Egypt in Miocene and Oligocene sandstones – Corriere.it

A major new gas discovery off the coast of Egypt. the one made by Eni in the Nargis-1 exploration well – in the Nargis Offshore Area concession, in the eastern Mediterranean Sea – which could be developed by exploiting the proximity to the group’s existing infrastructures. The Nargis-1 well, drilled in 309 meters of water by the Stena Forth drillship, encountered about 61 meters of gas-containing Miocene and Oligocene sandstones, the team explains in a statement. Nargis-1 confirms the effectiveness of Eni’s strategy with a focus on the Egyptian offshore, which the company will further develop thanks to the recent award of the North Rafah, North El Fayrouz, North East El Arish, Tiba and Bellatrix-Seti East exploration blocks, read in the statement.

Eni, in Egypt since 1954

The Nargis Offshore Area concession covers approximately 445,000 acres (1,800 square kilometers). Chevron Holdings C Pte. Ltd. the operator with a 45% stake, while IEOC Production BV, a wholly owned subsidiary of Eni, has a 45% stake and Tharwa Petroleum Company SAE has a 10% stake. Eni has been present in Egypt since 1954, where it operates through its subsidiary Ieoc. The company is currently the country’s leading producer with a hydrocarbon production 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 decarbonising the Egyptian energy sector, including the development of CCS plants, renewable energy plants, agri-feedstock for biorefinery and others.