Welligence Egypt | Chevron hits major gas discovery offshore Egypt – what happens next?

January 20, 2023

On 15 January 2023, Chevron announced the Nargis gas discovery. The well encountered 61 m (net) of gas-bearing sandstones in Miocene and Oligocene formations. It was drilled in the Nargis Offshore License in the East Mediterranean Basin, around 70 km north of the Sinai coast in water depths of 309 m. A consortium of Chevron (90%) and Tharwa Petroleum (10%) was awarded the license in 2020. Eni joined the concession in Q3 2022, taking a 45% stake from Chevron – the Stena Forth drillship spud the well shortly afterwards.