Arab Finance: Egypt’s Ministry of Petroleum and Mineral Resources and Chevron announced positive results from drilling operations at the Nargis-2 natural gas well in the Mediterranean Sea, according to a statement.
Chevron and its partners, in collaboration with the Egyptian Natural Gas Holding Company (EGAS), began drilling the well in May to assess the Nargis discovery and evaluate its potential for commercial development.
The results confirmed the extension of gas-bearing layers previously identified at the Nargis-1 well, alongside the discovery of an additional gas-bearing zone with favorable characteristics. These findings will support further assessments of the area’s gas resources and the evaluation of potential development opportunities.
Nargis-2 was designed to appraise the extensions of the Nargis discovery and test deeper geological intervals. The operation aligns with broader efforts to expand exploration in the Mediterranean Sea, including formations characterized by high pressure and high temperature.
The final depth of the well reached over 5,000 meters, with evaluation results indicating the presence of gas-bearing layers with a net thickness of up to 35 meters, a positive sign that supports further technical studies to determine the full potential of the discovery and assess its development prospects.
Minister of Petroleum Karim Badawi witnessed the commencement of drilling operations at the Nargis-2 well in May aboard the Stena Forth drillship.
Badawi stressed the need to accelerate the appraisal and development of undeveloped gas discoveries and strengthen cooperation with global energy firms to capitalize on Egypt’s promising petroleum and natural gas resources.
Last week, the ministry and Chevron initialed a fiscal framework agreement to advance the development of Cyprus’s Aphrodite gas field and connect it to Egyptian infrastructure.
It is worth noting that Chevron operates the Nargis concession in partnership with Italy's Eni, the UAE's Mubadala and Egypt's Tharwa Petroleum Company.
