EGYPT DISCOVERS A NEW NATURAL GAS FIELD IN EASTERN MEDITERRANEAN
A new gas discovery was made in Egypt’s Nargis block in the eastern Mediterranean by the Italian energy company Eni and the US oil giant Chevron. Egypt is thought to hold several hundred trillion litres of natural gas dispersed across four offshore areas, the most well-known and productive of which being the Nargis block. The eastern Mediterranean is a hotspot for gas exploration.
About 1,800 square kilometres make up the Nargis Offshore Area, and the Nargis-1 well is where the finding was made.
Late in December, Egypt’s Ministry of Petroleum and Mineral Resources announced the finding of a sizable gas deposit with a storage capacity of 3.5 trillion cubic feet, or over 100 trillion litres, off the northeastern Mediterranean coast.
In the last eight years, Egypt’s gas production has surged by 66% while export revenues have multiplied 13-fold. Egypt sold more than 8 million tonnes of liquefied natural gas in 2022 alone.
