{"id":606694,"date":"2023-09-20T00:00:00","date_gmt":"2023-09-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/20\/chevron-to-invest-usd-3-bn-in-egypts-nargis-gas-field\/"},"modified":"2023-09-20T00:00:00","modified_gmt":"2023-09-20T00:00:00","slug":"chevron-to-invest-usd-3-bn-in-egypts-nargis-gas-field","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/20\/chevron-to-invest-usd-3-bn-in-egypts-nargis-gas-field\/","title":{"rendered":"Chevron to invest USD 3 bn in Egypt\u2019s Nargis gas field"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Chevron to invest big in EastMed gas block<\/strong>: US energy giant Chevron will invest USD 3 bn over two years starting in 1H 2024 to develop Egypt\u2019s Nargis gas field in the East Mediterranean, writes <a target=\"_blank\" href=\"https:\/\/bit.ly\/3LsLVJ0\" style=\"\" rel=\"noopener\">Asharq Busi<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3LsLVJ0\" style=\"\" rel=\"noopener\">ness<\/a>, citing a government official it says is familiar with the matter. <\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong> Remember: <\/strong>Chevron and Italian major Eni last year announced a \u201csignificant\u201d gas discovery at the 1.8k square-km offshore block, without disclosing how the size of the discovery. An unconfirmed media report put the estimated volume at <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ac341b9-5093-49ae-9713-b6fb67a58adf\" style=\"\" rel=\"noopener\">3.5 tn cubic feet<\/a>. The companies each own a 45% stake in the concession, while state-owned Tharwa Petroleum holds the remaining 10%. <\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong> This is the latest investment pledge by a key international oil and gas firm: <\/strong> Eni said earlier this month that it and its partners will invest <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f843071-dfad-4c1a-b639-6a083b287bcd\" style=\"\" rel=\"noopener\">USD 7.7 bn<\/a> into its Egypt operations over the next four years. BP has committed to investing <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f34df404-4426-4113-9e2d-987c4b9a44db\" style=\"\" rel=\"noopener\">USD 3.5 bn<\/a> over three years. The three companies were among the five multinationals that Oil MinisterTarek El Molla <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab19572e-0203-404d-bdc9-9a8362b8d21c\" style=\"\" rel=\"noopener\">recently<\/a> said will spend USD 1.8 bn by 2025 on fresh gas exploration.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong> More Nargises are needed: <\/strong> Domestic gas production has fallen to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/846ecdd4-0a16-40f5-8c1e-ef52f3265a06\" style=\"\" rel=\"noopener\">three-year lows<\/a> this year on the back of production declines in the Nile Delta and disruptions at Zohr. This has contributed to electricity shortages and is complicating the country\u2019s ambitions to increase LNG shipments to Europe. Egypt has been importing <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08badece-8b03-4cb3-9583-30008b94f996\" style=\"\" rel=\"noopener\">increased volumes of Israeli gas<\/a> this year and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c08bc0ac-2dd6-4c8e-95b3-c3a8cb6003a6\" style=\"\" rel=\"noopener\">hopes to raise this further<\/a> in the coming years after Chevron expands the Tamar field. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ICYMI\u2013 <\/strong>There was talk <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5f8e905a-378a-40ef-9236-7a48d2520b6b\" style=\"\" rel=\"noopener\">last month<\/a> that Emirates National Oil Company (ENOC) subsidiary Dragon Oil wanted to buy a stake of at least 20% of Nargis from Chevron.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Chevron is now a key player in East Mediterranean gas<\/strong>, holding operating interests in Israel\u2019s two largest fields and taking the lead in the development of Cyprus\u2019 gas assets. The US company is pushing a proposal to link the giant Aphrodite gas field to Egypt\u2019s LNG terminals via a new pipeline, an idea that is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/418c847f-5cd5-4dfb-afa0-39291974d258\" style=\"\" rel=\"noopener\">yet to find favor with<\/a> the Cypriot government, which wants to acquire a floating LNG plant of its own.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shell acquired the North East El Amriya block from ExxonMobil in 2022<\/p>\n","protected":false},"author":1,"featured_media":606695,"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":[7272],"tags":[780,93,197,72,125,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-chevron","tag-energy","tag-eni","tag-enterpriseam","tag-investment-watch","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"0c54cb0e-a38c-4252-89ff-6511440baa27","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1247.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Chevron to invest USD 3 bn in Egypt\u2019s Nargis gas field","related_issue":[606689],"teaser":"Shell acquired the North East El Amriya block from ExxonMobil in 2022","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.534dcf73-2c84-4ac0-b87a-3f3c96d35f7b.mp3"},"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 to invest USD 3 bn in Egypt\u2019s Nargis gas field - 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\/09\/20\/chevron-to-invest-usd-3-bn-in-egypts-nargis-gas-field\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chevron to invest USD 3 bn in Egypt\u2019s Nargis 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giant","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/928.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":617115,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/chevron-to-drill-first-nargis-2-gas-well-by-end-of-2024\/","url_meta":{"origin":606694,"position":1},"title":"Chevron to drill first Nargis 2 gas well by end of 2024","author":"enterpriseam admin","date":"17 March 2024","format":false,"excerpt":"Chevron will initially invest USD 60 mn in the drilling","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/916.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578826,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/chevron-eni-announce-significant-eastmed-gas-find\/","url_meta":{"origin":606694,"position":2},"title":"Chevron + Eni announce \u201csignificant\u201d EastMed gas find","author":"enterpriseam admin","date":"16 January 2023","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/243.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":613427,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/15\/chevron-to-start-nargis-gas-production-in-2025-plus-redcon-compass-paysky-has-big-plans-new-administrative-capital-construction\/","url_meta":{"origin":606694,"position":3},"title":"Chevron to start Nargis gas production in 2025. PLUS: Redcon + Compass, PaySky has big plans, New Administrative Capital construction","author":"enterpriseam admin","date":"15 January 2024","format":false,"excerpt":"Chevron wants to ramp up production to 1 bn cf within two years","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/916.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":613381,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/14\/this-evening-local-currency-bond-issuance-in-brics-countries-could-be-coming-soon-plus-chevron-to-start-production-in-nargis-gas-field-next-year\/","url_meta":{"origin":606694,"position":4},"title":"THIS EVENING: Local currency bond issuance in BRICS countries could be coming soon. PLUS: Chevron to start production in Nargis gas field next year?","author":"enterpriseam admin","date":"14 January 2024","format":false,"excerpt":"Good afternoon, folks and welcome to the first full week of 2024. Our news cycle is picking up in what looks like a busy week. THE BIG STORIES TODAY #1- Local currency bond issuances in BRICS countries on the horizon:Egypt is aiming to issue bonds in the local currencies of\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/376.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":685251,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/22\/fresh-capital-for-nargis-as-mubadala-deepens-egypt-play\/","url_meta":{"origin":606694,"position":5},"title":"Fresh capital for Nargis as Mubadala deepens Egypt play","author":"enterpriseam admin","date":"22 February 2026","format":false,"excerpt":"Plus: Arcius wagers USD 150 mn on Mediterranean exploration","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/5\/2299.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=606694"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606694\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/606689"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/606695"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=606694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=606694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=606694"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=606694"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=606694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}