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- Less than a week after the announcement of a gas discovery in Egypt by the German company Wintershall Dea, the Italian company, Eni has announced a new gas discovery at the Nargis-1.
Less than a week after the announcement of a gas discovery in Egypt by the German company Wintershall Dea, the Italian company, Eni announced a new gas discovery at the Nargis-1. While the German Company’s announcement came on Thursday, Jan. 12, in one of its concession areas in the Nile Delta, Eni announced the new discovery on Jan 15th from its exploration well located in the Eastern Mediterranean Sea, offshore Egypt.
The Eni statement said that the Nargis-1 well is estimated to hold approximately 200 net feet (61 m) of Miocene and Oligocene gas. The discovery is in proximity to Eni’s existing facilities. It may be noted that the company was recently awarded exploration blocks North Rafah, North El Fayrouz, North East El Arish, Tiba and Bellatrix-Seti East. Eni has been operating in Egypt since 1954 through the subsidiary IEOC and is currently Egypt’s leading producer with an equity production of hydrocarbons of approximately 350,000 barrels of oil equivalent per day.
The German company Wintershall Dea began exploration work in eastern Damanhour in November 2021. The latest discovery is the second exploration well in the license. While the German company held a share of 40% of the concession area, the remaining shares are distributed between Cairn Energy, INA, and the Egyptian Natural Gas Holding Company (EGAS).
Also read;
https://trendsnafrica.com/egypt-emerging-as-a-natural-gas-trade-hub/
https://trendsnafrica.com/egypt-awards-bp-and-eni-gas-exploration-concessions/
With the growing discoveries of gas, Egypt’s natural and liquefied gas exports climbed to US $7.8 billion, during the period January-October 2022, ranking Egypt the first in the Arab world mainly due to gas shortages in Europe caused by the Ukraine war. Between 2014 to 2022, Egypt’s gas export revenues increased 13-fold while production grew by more than 66%.
