02 February 2023 08:01 PM

Egypt announces significant gas discovery in East Med field

Sunday، 15 January 2023 - 08:40 PM

Egypt has made a significant natural gas discovery in the Eastern Mediterranean Sea, The Egyptian Natural Gas Holding Co. (EGAS) announced Sunday.

The discovery was made by Italian Eni, US Chevron, and Egyptian Tharwa Petroleum Co., it added in a statement.

The newly-discovered Nargis-1 well is part of Egypt's 1,800-sq. km Nargis Offshore Area concession operated by Chevron (CVX.N), which holds a 45% interest in it. Eni also holds a 45% stake, while Tharwa holds a 10% stake.

EGAS said the reserves' quantity is being evaluated.

We will work with partners to start production as soon as possible, it added. 

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