Chevron confirms Egypt offshore discovery with Nargis-2 well
Chevron's Nargis-2 well off Egypt hit high-quality reservoirs and confirmed the Nargis-1 discovery, the US major told Reuters in a statement.
- published on Newsmetry
- original source published
the public page opens no earlier than 15 minutes after we detect the story. approved stories may reach the api sooner. connect the api →
what happened
The Nargis-2 well, an appraisal well Chevron drilled off Egypt's coast, struck reservoirs of good quality and confirmed the find made earlier at Nargis-1. The US oil major shared this with Reuters in a written statement.
The well evaluated Miocene and Oligocene rock layers. According to the company, the results will feed into further technical analysis and exploration planning across Egypt and the wider eastern Mediterranean, where Chevron operates.
Chevron holds a 45% working interest in the Nargis concession. IEOC Production B.V. also holds 45%, while Egypt's Tharwa Petroleum Company owns 10%. The well was drilled during the concession's second exploration phase, which required Chevron to drill one exploratory well.
why it matters
For markets this is a local story: the size of the resource has not been disclosed, so a direct effect on oil and gas prices is unlikely. Still, the confirmation strengthens interest in eastern Mediterranean gas, where Chevron already runs the Leviathan and Tamar fields off Israel.
market impact
Eastern Mediterranean gas: confirmed discovery boosts regional interest, with limited direct effect on prices.
tags
instruments
sources
- Chevron's Nargis-2 well encounters high-quality reservoirs offshore Egypt — Reuters, 24 October 2026 at 11:55 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
the public page opens no earlier than 15 minutes after we detect the story. approved stories may reach the api sooner.
get stories in real time ↗