Less than a week after German company Wintershall Dea announced a gas discovery in Egypt, Italian company Eni announced a new gas discovery at Nargis-1.
Less than a week after German company Wintershall Dea announced a gas discovery in Egypt, Italian company Eni has announced a new gas discovery at Nargis-1. While the German company's announcement came on Thursday, January 12, in one of its concession areas in the Nile Delta, Eni announced the new discovery from its exploration well located in the eastern Mediterranean, offshore Egypt.
Eni's statement indicates that the Nargis-1 well is estimated to contain approximately 200 net feet (61 m) of Miocene and Oligocene gas. The discovery is in close proximity to Eni's existing facilities. Note that the company was recently awarded the North Rafah, North El Fayrouz, North East El Arish, Tiba and Bellatrix-Seti East exploration blocks. Eni has been operating in Egypt since 1954 through its subsidiary IEOC and is currently the leading Egyptian producer with a hydrocarbon output of approximately 350,000 barrels of oil equivalent per day.
Germany's Wintershall Dea began exploration work in eastern Damanhour in November 2021. The latest discovery is the second exploration well in the license. While the German company held a 40% share in the concession area, the remaining shares are split between Cairn Energy, INA, and the Egyptian Natural Gas Holding Company (EGAS).
With growing gas discoveries, Egypt's natural and liquefied gas exports have climbed to US$7.8 billion, during the January-October 2022 period, placing Egypt at the forefront of the Arab world, mainly due to gas shortages in Europe caused by the war in Ukraine. Between 2014 and 2022, Egypt's gas export revenues increased 13-fold while production increased by more than 66%.
