Eni announced a gas discovery at the Nargis Offshore Area Concession in the eastern Mediterranean Sea, a press release announced on Jan. 15.

Located offshore Egypt, the Nargis-1 well was drilled in 1,014 ft (309 m) of water by the Stena Forth drillship and encountered approximately 200 net feet (61 m) of Miocene and Oligocene gas-bearing sandstones, according to the release.

Eni Nargis-1
(Source: Eni)

Operated by Chevron Holdings C Pte. Ltd., Nargis Offshore Area Concession offshore Egypt consists of approximately 445,000 acres (1,800 sq km). Chevron holds a 45% interest, while Eni affiliate IEOC Production BV and Tharwa Petroleum Co. SAE hold a 45% and 10% interest, respectively.

Eni will continue investing in offshore Egypt following the Nargis-1 discovery, and it has already procured the North Rafah, North El Fayrouz, North East El Arish, Tiba and Bellatrix-Seti East blocks.

Eni has operated in Egypt through IEOC since 1954 and is currently the country's leading hydrocarbons producer, yielding approximately 350,000 boe/d.

"In line with the net-zero strategy by 2050, Eni is engaged in a series of initiatives aimed at decarbonizing the Egyptian energy sector, including the development of CCS [carbon capture and storage] plants, renewable energy plants, agro feedstock for bio refining and others," the company stated in the release.