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The drilling is part of Chevrons ongoing efforts to develop natural gas reservoirs within the Nargis concession area, which the company operates
Egypt - The US energy giant Chevron will start drilling an exploratory well in the deep waters of Egypt’s Mediterranean Sea at its Nargis concession area next month, with an estimated investment of $150 million, an unnamed government official told Asharq Business.
The drilling is part of Chevrons ongoing efforts to develop natural gas reservoirs within the Nargis concession area, which the company operates.
Chevron has completed the necessary geological studies and research related to the well’s drilling, the official noted, adding that the drilling rig to handle the discovery process is expected to arrive at the site by the end of October.
Chevron and IEOC Production, Italys Eni subsidiary, each hold a 45% stake in the Nargis concession, while Egypts Tharwa Petroleum Co holds the remaining 10%.
The Nargis-1 field covers 1,800 square kilometers in Egypts eastern Mediterranean, with recoverable reservoirs estimated at approximately 2.5 trillion cubic feet of gas. |
