A Significant New Natural Gas Discovery Offshore Egypt

Italian oil and gas major Eni has announced a new gas discovery offshore Egypt, at the nargis-1 exploration well. The well was drilled in a concession area that Eni shares with Chevron, which is the operator of the exploration project with a 45-percent stake. Eni also has a 45-percent interest in the concession. The eastern Mediterranean has become a hot spot for gas exploration after several significant discoveries, including the giant Zohr field in Egypt which Eni also discovered. Egypt has some 2.21 trillion cubic meters of proven gas reserves…