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Chevron pushes ahead with EastMed drilling plans: US energy Chevron plans to start drilling the first extraction well in its Nargis 2 gas field in the eastern Mediterranean by the last quarter of this year, with initial investments amounting to USD 60 mn, an unnamed government source told Asharq Business.
Nargis is one of the largest gas fields in the country, sprawling 1,800 sq. km and holding an estimated 3.5 tn cf of gas. Chevron will reportedly invest USD 3 bn over two years starting in 1H 2024 to develop the gas field, according to unconfirmed media reports in September.
The ownership breakdown: Chevron and Italy’s Eni each own a 45% stake in the concession, while state-owned Tharwa Petroleum holds the remaining 10%.
ICYMI- Production of gas from Nargis 1 is slated for 1H 2025 with expected production to reach 600 mn cubic feet (cf) per day during the first phase of production, before ramping up to 1 bn cf per day within two years.
Upping production is a pressing concern for the government: Natural gas production hasfallen to 5.5 bn bcf per day on the back of the natural decline of gas fields, Oil Minister Tarek El Molla said at the Egypt Energy Show last month. Natural gas production had stood at an average of 6.2 bcf/d in the previous year — and 6.7 bcf/d the fiscal year before that. The Oil Ministry wants to attract around USD 7.5 bn in foreign direct investments from foreign partners in the Egyptian oil sector during the next fiscal year, compared to the USD 6 bn in investments expected in the current fiscal year to drill new wells and expand production, El Molla said.
