(Source: Dmytro Surkov / Shutterstock.com)
Eni announced a gas discovery at the Nargis Offshore Area Concession in the eastern Mediterranean Sea, a press release announced on Jan. 15.
Located offshore Egypt, the Nargis-1 well was drilled in 1,014 ft (309 m) of water by the Stena Forth drillship and encountered approximately 200 net feet (61 m) of Miocene and Oligocene gas-bearing sandstones, according to the release.
Operated by Chevron Holdings C Pte. Ltd., Nargis Offshore Area Concession offshore Egypt consists of approximately 445,000 acres (1,800 sq km). Chevron holds a 45% interest, while Eni affiliate IEOC Production BV and Tharwa Petroleum Co. SAE hold a 45% and 10% interest, respectively.
Eni will continue investing in offshore Egypt following the Nargis-1 discovery, and it has already procured the North Rafah, North El Fayrouz, North East El Arish, Tiba and Bellatrix-Seti East blocks.
Eni has operated in Egypt through IEOC since 1954 and is currently the country's leading hydrocarbons producer, yielding approximately 350,000 boe/d.
"In line with the net-zero strategy by 2050, Eni is engaged in a series of initiatives aimed at decarbonizing the Egyptian energy sector, including the development of CCS [carbon capture and storage] plants, renewable energy plants, agro feedstock for bio refining and others," the company stated in the release.
Recommended Reading
Sliding Oil Prices Could Prompt Permian E&Ps to Cut Capex
2024-12-03 - A reduction in the rig count would also slow the growth of natural gas output from the region, benefitting gassy Gulf Coast players, according to Enverus.
Baker Hughes: US Drillers Keep Oil and NatGas Rigs Unchanged for Third Week
2024-12-27 - U.S. energy firms this week operated the same number of oil and natural gas rigs for third week in a row.
US Oil, Gas Rig Count Unchanged at 589 in Week to Dec. 13, Baker Hughes Says
2024-12-13 - U.S. energy firms this week operated the same number of oil and natural gas rigs as they did last week, according to Baker Hughes' weekly report.
E&Ps Pivot from the Pricey Permian
2025-02-01 - SM Energy, Ovintiv and Devon Energy were rumored to be hunting for Permian M&A—but they ultimately inked deals in cheaper basins. Experts say it’s a trend to watch as producers shrug off high Permian prices for runway in the Williston, Eagle Ford, the Uinta and the Montney.
US Drillers Add Oil, Gas Rigs for First Time in 8 Weeks
2024-12-06 - The oil and gas rig count rose by seven to 589 in the week to Dec. 6, its highest since mid-September.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.