{"id":578826,"date":"2023-01-16T04:11:09","date_gmt":"2023-01-16T04:11:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/chevron-eni-announce-significant-eastmed-gas-find\/"},"modified":"2023-01-16T04:11:09","modified_gmt":"2023-01-16T04:11:09","slug":"chevron-eni-announce-significant-eastmed-gas-find","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/chevron-eni-announce-significant-eastmed-gas-find\/","title":{"rendered":"Chevron + Eni announce \u201csignificant\u201d EastMed gas find"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Chevron and Eni have made a \u201csignificant\u201d gas discovery<\/strong> <strong>in the Eastern <\/strong><strong>Mediterranean<\/strong>, the companies announced in separate statements yesterday (<a href=\"https:\/\/www.eni.com\/en-IT\/media\/press-release\/2023\/01\/eni-announces-a-new-gas-discovery-in-the-eastern-mediterranean-sea-offshore-egypt.html\">here<\/a> and<a href=\"https:\/\/ent.news\/2023\/1\/Chevron-Press-Release-Jan23.pdf\">here, pdf<\/a>). The discovery was made at their Nargis offshore block off the coast of North Sinai, in which each company holds a 45% interest, while state-owned Tharwa Petroleum holds the remaining 10%. Both companies described the finding as \u201csignificant\u201d but didn\u2019t disclose how much gas is estimated to be in place.<\/p>\n<p><strong>Work is underway to estimate the size of the gas reserves at Nargis<\/strong>, Oil Ministry Spokesperson Hamdy Abdelaziz told Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/www.youtube.com\/watch?v=aLTCeI6u-Zw\">watch, runtime: 8:31<\/a>) and Al Hadath Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=uqH9hc-4mtE\">watch, runtime: 3:16<\/a>) adding that this is Chevron\u2019s first discovery since it entered our market in 2020.<\/p>\n<p><strong>A really big find?<\/strong><strong>:<\/strong> MEES<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ac341b9-5093-49ae-9713-b6fb67a58adf\">reported last month<\/a> that the field has been estimated to hold 3.5 tn cubic feet of gas. Oil Minister Tarek El Molla later <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/efbc085a-ce5a-433e-8c68-23a43a372088\">confirmed<\/a> that a large gas discovery had been made at the block but didn\u2019t disclose the size of the finding. <a href=\"https:\/\/www.upstreamonline.com\/exploration\/eni-shoots-for-stars-with-11-tcf-probe-offshore-egypt\/2-1-1385595\">Upstream Online<\/a> has also reported that Chevron\u2019s Nargis-I field was in the 3.5 tcf range \u2014 but reported that <strong>Eni was \u201cshooting for the stars\u201d with an \u201c11 tcf probe\u201d<\/strong> that it said targets a \u201chuge Thuraya prospect in a a block that may host an extension of Chevron\u2019s Nargis discovery.\u201d<\/p>\n<p><strong>How big is this? <\/strong>For context, Eni\u2019s supergiant Zohr field is estimated at about 30 tcf.<\/p>\n<p><strong>The oil giant<\/strong><strong>s are<\/strong><strong> hungry for offshore exploration in Egypt: <\/strong>In its statement, Eni reiterated its \u201cfocus on Egypt offshore,\u201d which it aims to advance after recently being awarded exploration blocks in North Rafah, North El Fayrouz, North East El Arish, Tiba and Bellatrix-Seti East. Eni is in the process of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ffcdefa4-4665-48e4-a2e5-a2b247ccd572\">selling down shares<\/a> in its mature producing concessions in the Western Desert but is also preparing to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/676b3bf9-085b-471e-bf19-38e577df44a9\">launch new exploration efforts<\/a> in the area. Chevron, meanwhile, is looking to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a92b9645-ae04-4f9e-8dea-489b8ecef1e4\">expand its exploration operations<\/a> in Egypt after stepping up its presence in the EastMed hydrocarbon sector, purchasing a 40% stake in Israel\u2019s Leviathan field and 25% of Tamar in recent years.<\/p>\n<p><strong>And both companies want to help boost our energy infrastructure: <\/strong>Eni \u2014 which holds a 50% stake in the Damietta LNG plant and produces around 60% of the country\u2019s gas \u2014 has committed to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2feeb570-3a21-41d9-bcd5-9189eaf03144\">investing in upstream assets here and across the region<\/a> as it works to boost its LNG export capacity to Europe. State-owned EGAS signed an MoU <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a92b9645-ae04-4f9e-8dea-489b8ecef1e4\">with Chevron in July<\/a> to work on developing infrastructure to transport gas from offshore fields to Egypt and increase exports. Those investments could bring a welcome boost to local gas production, which has reportedly slipped in recent months from a peak of 7.2 bn cubic feet per day in September 2021 to 6.5 bn cf\/d in 3Q 2022.<\/p>\n<p><strong>More where that came from: <\/strong>Work is also underway to determine the size of a new <a href=\"https:\/\/ent.news\/2023\/1\/Wintershall-Dea-East-Damanhour-discovery.pdf\">gas discovery (pdf)<\/a> in the East Damanhour block Wintershell Dea holds with Cheiron Energy and other partners in the Nile Delta, said the Oil Ministry\u2019s Abdelaziz.<\/p>\n<p><strong>REMEMBER- Egypt is trying to maximize its exports of natural gas<\/strong> as the EU looks for new energy suppliers to fill the gap left by the loss of Russian fossil fuels. The state is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8825220-3a11-4b4f-85d0-10a069902e3a\">rationing its usage of gas<\/a> for domestic power production and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5077c32-5cdd-4909-b794-3dc873660365\">turning to other types of fuel<\/a> in order to free up more gas for export. The Oil Ministry plans to run our two liquefaction plants at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/647f504d-44e8-442e-b618-4eb868901dfe\">full capacity<\/a> throughout this year in a bid to bring LNG exports to a maximum capacity of 12 mn tons per annum. Export volumes were up 14% to hit 8 mn tons last year \u2014 90% of which was directed to Europe.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chevron and Eni have made a \u201csignificant\u201d gas discovery in the Eastern Mediterranean, the companies announced in separate statements yesterday (here andhere, pdf). The discovery was made at their Nargis offshore block off the coast of North Sinai, in which each company holds a 45% interest, while state-owned Tharwa Petroleum holds the remaining 10%. Both [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":578827,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[780,93,197,72,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-chevron","tag-energy","tag-eni","tag-enterpriseam","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"a961e0b1-0f40-4d21-b34c-c7821e996d47","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/243.jpg","photo_position":"above","related_issue":[578821],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Chevron + Eni announce \u201csignificant\u201d EastMed gas find - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/chevron-eni-announce-significant-eastmed-gas-find\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chevron + Eni announce \u201csignificant\u201d EastMed gas find\" \/>\n<meta property=\"og:description\" content=\"Chevron and Eni have made a \u201csignificant\u201d gas discovery in the Eastern Mediterranean, the companies announced in separate statements yesterday (here andhere, pdf). The discovery was made at their Nargis offshore block off the coast of North Sinai, in which each company holds a 45% interest, while state-owned Tharwa Petroleum holds the remaining 10%. 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