(MENAFN) Chevron, the American energy company, has revealed plans to initiate natural gas production from the Narges field in the Mediterranean before mid-2025. Anticipating an initial production of up to 600 million cubic feet in the first phase, Chevron's move follows the announcement of the Narges field discovery in early 2023. The estimated extractable reserves from the field stand at approximately 2.5 trillion cubic feet.
According to a government official, Chevron aims to achieve a production milestone of one billion cubic feet within two years of commencing operations in the Narges field. Positioned as one of Egypt's largest gas discoveries after the Zohr field, the Narges project is a collaboration, with Chevron holding a 45 percent stake in the concession. Additionally, IEC Production, a subsidiary of the Italian company Eni, owns another 45 percent stake, while the Egyptian Tharwa Petroleum Company holds a 10 percent stake.
The Narges field is expected to play a pivotal role in bolstering Egypt's natural gas reserves and production, responding to the growing demand both domestically and internationally. In 2023, Egypt averaged a daily natural gas production of 5.8 billion cubic feet, and the Narges field is poised to contribute significantly to the country's energy landscape.
This development aligns with Egypt's broader initiatives to enhance research and exploration capabilities for natural gas in the Mediterranean, with the ultimate goal of increasing production and achieving self-sufficiency in this crucial sector. Chevron's involvement in the Narges field underscores the company's commitment to contributing to Egypt's energy goals and further solidifies its position in the evolving landscape of global energy production.
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