The American company "Chevron" is working to drill the first well to extract natural gas from the Narges 2 field in deep waters in the Mediterranean during the last quarter of 2024. Chevron announced in early 2023 the discovery of the Narges field on an area of 1,800 square kilometers, and the field is located in the eastern Mediterranean. In Egypt, the volume of recoverable reserves from the field was estimated at about 2.5 trillion cubic feet.

The American company will begin production from the “Narges 1” field during the first half of 2025, with quantities reaching about 600 million cubic feet during the first phase, and the drilling process in the Narges 2 field will begin at the end of 2024 with the aim of enhancing the field’s reserves with initial investments amounting to about 60 million dollars.

Chevron and IOC Production – which is affiliated with the Italian company Eni – each own a 45% stake in the concession, and the Egyptian Tharwa Petroleum Company owns a stake of about 10%. Development in the Narges field comes after development Zohr field at a time when Egypt sought to increase its reserves and production of gas, the demand for which has recently grown in the local and international markets.

Egypt's average production of natural gas recorded about 5.3 billion cubic feet during the first quarter of 2024, compared to 5.8 billion cubic feet in 2023. The Minister of Petroleum, Tarek El-Molla, stated that the volume of production during the year 2024 depends on the volume of new research, prospecting, and exploration operations. In addition to drilling and gas exploration works in the Mediterranean Sea, with the aim of enhancing Egypt’s production capacity.