Earlier in the beginning of 2023, Chevron announced its the exploration of the Nargis1 field in the eastern of Mediterranean Sea in Egypt.
American company Chevron plans to drill the first well to extract natural gas from the Nargis2 field in Egypt's Mediterranean Sea during the last quarter (Q4) of 2024, with initial investments amounting to about $60 million, a government official said to Asharq Bloomberg.
Earlier in the beginning of 2023, Chevron announced its the exploration of the Nargis1 field in the eastern of Mediterranean Sea in Egypt.
Regarding this exploration, the volume of natural gas reserves that can be extracted from Nargis1 is expected to reach 2.5 trillion cubic feet.
The company will begin production from the Nargis 1 field during the first half of 2025, with quantities reaching 600 million cubic feet in the first phase.
Earlier in February, Minister of Petroleum and Mineral Resources, Tarek El Molla, disclosed that Egypt aims to increase foreign investments in the oil and gas sector by about 25% to reach $7.5 billion in the fiscal year (FY) 2024/2025.
During FY2022/2023, the foreign investments in the sector reached $5.6 billion, compared to $4.7 billion in FY2021/2022, El Molla added.
In August, El Molla announced that 35 new natural gas wells will be drilled during FY 2024/2025 with investments exceeding $1.5 billion to increase production rates and reserves.
The petroleum minister also reviewed the development of natural gas exploration, as he explained that a plan is being implemented to drill 45 natural gas wells in the Mediterranean Sea and the Delta, with investments worth almost $1.9 billion.
