A new gas discovery has been found in Egyptian waters at the Nargis-1 exploration well in the Eastern Mediterranean Sea on Sunday, 15 January, according to statements by Italian company Eni and U.S energy major Chevron.
In a statement, Eni explained that around 61 meters of Miocene and Oligocene gas-bearing sandstone were found under 309 meters of water. It also stated that Eni’s existing facilities can allow further development to the discovery.
This is the second gas discovery in Egypt in the span of one week. The German company Wintershall Dea announced on Thursday, 12 January a gas field discovery in the Eastern Damanhur in the onshore Nile Delta.
“This discovery is an exciting successful move forward in one of our key exploration areas and thanks to East Damanhur’s proximity to our production infrastructure. We will be able to rapidly make commercial discoveries, to provide additional gas resources,” George Presser, Senior Vice President at Wintershall Dea said in a press statement.
From January until October 2022, Egypt’s natural and liquefied gas exports increased to 7.8 billion, ranking Egypt as the first gas exporter in the Arab world.
Gas export revenues have also increased since 2014, as the country aims to become a major gas supplier.