Egyptian oil minister Tarek al-Molla stated during a speech at the Egypt Petroleum Show (EGYPS) 2023 on Tuesday that production at the offshore Nargis-1 well gas field, which is supported by Eni and Chevron, is anticipated to begin in about one and a half years.

The fresh gas discovery in an Egyptian offshore field in the Eastern Mediterranean Sea was reported in January by the Egyptian Natural Gas Holding Co. (EGAS) in a joint statement. Eni claimed that the new gas discovery, which was made in the Nargis-1 exploratory well, could be commercialised by making use of the area’s proximity to its current facilities.

The 1,800 square kilometre Nargis Offshore Area concession in Egypt is controlled by Chevron, with a 45% interest in the Nargis-1 well. Along with Eni, who holds a 45% share, Tharwa Petroleum Company of Egypt holds a 10% stake.

Additionally, at the occasion, the Egyptian Ministry of Petroleum and the American Chevron Company signed a Memorandum of Understanding (MoU) to collaborate on creating capacity and sharing best practices for low-carbon projects, especially those linked to managing methane emissions.

The MoU was signed by Clay Neff, President of Chevron International Exploration and Production, and Kristian Svendsen, a manager for Chevron in Egypt, in front of Tarek al-Molla, Egypt’s petroleum minister.

From February 13 to 15, the Egypt Petroleum Show EGYPS 2023 was held at the Egypt International Exhibitions Center (EEC).