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For Eni there is a new important gas discovery near Egypt. The discovery by the energy Big took place in the Nargis-1 exploration well, in the «Nargis Offshore Area» concession, in the eastern Mediterranean Sea, off the coast of Egypt. The Nargis-1 well, drilled in 309m of water from the drillship Stena Forth, encountered approximately 61m of Miocene and Oligocene sandstones which contain gas.
Eni’s focus on the Nargis offshore
The discovery can be developed by exploiting the proximity to existing Eni infrastructures. Nargis-1 confirms the effectiveness of Eni’s strategy with a focus on the Egyptian offshore, which the company will further develop thanks to the recent award of the North Rafah, North El Fayrouz, North East El Arish, Tiba and Bellatrix-Seti East. The «Nargis Offshore Area» concession covers approximately 445,000 acres (1,800 square kilometres). Chevron Holdings C Pte. Ltd. is the operator with a 45% stake, while IEOC Production BV, a wholly owned subsidiary of Eni, has a 45% stake and Tharwa Petroleum Company SAE has a 10% stake.
The presence of the group in Egypt
Eni has been present in Egypt since 1954, where it operates through its subsidiary IEOC. The company is currently the country’s leading producer with a hydrocarbon production of approximately 350,000 barrels of oil equivalent per day. In line with the net-zero strategy by 2050, Eni is engaged in a number of initiatives aimed at decarbonising the Egyptian energy sector, including the development of CCS plants, renewable energy plants, agri-feedstock for biorefining and others.CopyAMP code.