{"id":617115,"date":"2024-03-17T00:00:00","date_gmt":"2024-03-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/chevron-to-drill-first-nargis-2-gas-well-by-end-of-2024\/"},"modified":"2024-03-17T00:00:00","modified_gmt":"2024-03-17T00:00:00","slug":"chevron-to-drill-first-nargis-2-gas-well-by-end-of-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/chevron-to-drill-first-nargis-2-gas-well-by-end-of-2024\/","title":{"rendered":"Chevron to drill first Nargis 2 gas well by end of 2024"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Chevron pushes ahead with EastMed drilling plans:<\/strong> 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 <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/423fz5c5\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nargis is one of the largest gas fields in the country<\/strong>, sprawling 1,800 sq. km and holding an estimated <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ac341b9-5093-49ae-9713-b6fb67a58adf\" style=\"\" rel=\"noopener\">3.5 tn cf of gas<\/a>. Chevron will reportedly invest USD 3 bn over two years starting in 1H 2024 to develop the gas field, according to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c54cb0e-a38c-4252-89ff-6511440baa27\" style=\"\" rel=\"noopener\">unconfirmed media reports<\/a> in September. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ownership breakdown: <\/strong>Chevron and Italy\u2019s Eni each own a 45% stake in the concession, while state-owned Tharwa Petroleum holds the remaining 10%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> Production of gas from Nargis 1 is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2e5e8e38-c790-4c52-8397-24915e148e0b\/chevron-to-start-nargis-gas-production-in-2025.-plus:-redcon-%2B-compass,-paysky-has-big-plans,-new-administrative-capital-construction\" style=\"\" rel=\"noopener\">slated for 1H 2025<\/a> 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Upping production is a pressing concern for the government: <\/strong>Natural gas production <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0d8c3d2-6639-4dae-b08d-7d2ab5afab41\/a-round-up-of-the-egypt-energy-show-so-far\" style=\"\" rel=\"noopener\">has<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0d8c3d2-6639-4dae-b08d-7d2ab5afab41\/a-round-up-of-the-egypt-energy-show-so-far\" style=\"\" rel=\"noopener\">fallen<\/a> 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 \u2014 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chevron will initially invest USD 60 mn in the drilling<\/p>\n","protected":false},"author":1,"featured_media":617116,"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":[780,93,197,72,91,195],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-617115","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","tag-tarek-el-molla","wpautop","entry"],"acf":{"mongo_id":"3c51bd32-9282-4347-95ba-6a5f7d66da62","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/916.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Chevron to drill first gas well in Egypt\u2019s Nargis 2 concession by end of 2024","related_issue":[617103],"teaser":"Chevron will initially invest USD 60 mn in the drilling","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.fbeb07d0-6d23-43da-bf89-17599cf8a200.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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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":603781,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/21\/dragon-oil-wants-a-piece-of-the-nargis-eastmed-concession\/","url_meta":{"origin":617115,"position":2},"title":"Dragon Oil wants a piece of the Nargis EastMed concession","author":"enterpriseam admin","date":"21 August 2023","format":false,"excerpt":"Dragon Oil could purchase a 20% stake in the field from the US energy 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":585473,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/19\/eni-to-drill-new-mediterranean-exploration-well-chevron-looks-to-ramp-up-east-med-exploration-reports\/","url_meta":{"origin":617115,"position":3},"title":"Eni to drill new Mediterranean exploration well + Chevron looks to ramp up East Med exploration -reports","author":"enterpriseam admin","date":"19 April 2023","format":false,"excerpt":"Eni and EGPC\u2019s Petrobel will drill the Orion X1 well at a USD 130 mn cost","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\/4\/747.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":617115,"position":4},"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":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":617115,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617115","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=617115"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617115\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/617103"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/617116"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=617115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=617115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=617115"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=617115"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=617115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}