The company said in a statement that the sandstone containing Miocene and Oligocene gas was found at an altitude of 61 meters in the Nargis 1 well, and “the discovery can be developed by taking advantage of the proximity of Eni’s existing facilities.”
The concession area off El Narges, Egypt, covers an area of 1,800 square kilometres.
The statement adds that Chevron Holdings is the operator with a 45% stake, Eni subsidiary IEOC Production BV holds a 45% stake and Tharwa Petroleum Company SAE owns 10%.
Eni has been present in Egypt since 1954, where it operates through its subsidiary IEOC, and the company is currently the main producer in the country, with a hydrocarbon production of about 350,000 barrels of oil equivalent per day.
The company is also investing in natural gas projects in Mozambique, a country that has approved three explorations in the Rovuma Basin, off the coast of Cabo Delgado.
One of them is led by TotalEnergies (Area 1 consortium) and the business has progressed until suspension for an indefinite period, after an armed attack in Palma, Cabo Delgado (North), in March.
The other is the as yet unannounced investment led by ExxonMobil and Eni (Area 4 consortium).
A third, smaller project, almost completed, also belongs to the Region 4 consortium and consists of a floating platform that will capture gas and process it for export, directly at sea, which started in November last year.
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