Egypt has made an outstanding natural gas discovery in the Eastern Mediterranean Sea, The Egyptian Natural Gas Holding Co. (EGAS) announced Sunday.
In an official statement, EGAS mentioned that Italian Eni, US Chevron, and Egyptian Tharwa Petroleum Co. made the discovery.
The newly-discovered Nargis-1 well is part of Egypt’s 1,800-sq. km Nargis Offshore Area concession operated by Chevron (CVX.N), which holds a 45% interest in it. Eni also holds a 45% stake, while Tharwa holds a 10% stake.
EGAS said the reserves’ quantity is being evaluated.
We will work with partners to start production as soon as possible, it added.