Cairo – Mubasher: Eni announced a significant new gas discovery at the Nargis-1 exploration well located in Nargis Offshore Area Concession, in the Eastern Mediterranean Sea, offshore Egypt.
The new discovery can be developed leveraging the proximity to the Italian energy group’s existing facilities, according to a press release.
The Nargis-1 well is part of Egypt's 1,800-sq. km Nargis Offshore Area concession operated by Chevron Holdings, which holds a 45% interest in it. Eni also holds a 45% stake, while Egypt's Tharwa Petroleum Company holds a 10% interest.
Nargis-1 confirms the validity of Eni’s focus on Egypt Offshore, which the company will further develop thanks to the recent award of exploration blocks North Rafah, North El Fayrouz, North East El Arish, Tiba, and Bellatrix-Seti East.
In tandem with the net-zero strategy by 2050, Eni is engaged in a series of initiatives to decarbonise the Egyptian energy sector, including the development of CCS plants, renewable energy plants, and agro feedstock for bio refining.
