Sep 21, 2023

No Comments The American company “Chevron” will begin developing the “Narges” natural gas field in the Mediterranean waters in Egypt during the first half of next year with initial investments estimated at about $3 billion, according to a government official familiar with the file who spoke with “Eqtisad Al-Sharq.” The field is located in the “Narges” marine area, which covers an area of ​​1,800 square kilometers, in the eastern Mediterranean Sea. The American Chevron Holdings and IEC Production, a subsidiary of the Italian company Eni, each own a 45% stake in the concession, while the Egyptian Tharwa Petroleum Company owns a 10% stake. The development of the “Narges” field, one of the largest gas fields discovered in Egypt after the “Zohr” field, comes at a time when Egypt seeks to increase its reserves and production of gas, the demand for which has recently grown in the local and international markets. Egypt has two natural gas liquefaction stations with a total production capacity of 2.1 billion cubic feet per day, with the aim of exporting it abroad. Exports depend on its surplus production and on gas imported from neighboring countries. Egypt expects gas reserves in the “Narges” field to reach between two trillion and 2.5 trillion cubic feet, according to Petroleum Minister Tarek El-Molla in a previous interview with “Eqtisad Al-Sharq” last February, noting that “Chevron” is in the process of completing the research process with the aim of Get a clearer picture of the size of reserves. 2023-09-19 06:33:27