Arab FinanceThe American company Chevron is expected to begin drilling the Singer exploratory well to search for natural gas in the deep waters of the Mediterranean Sea in Egypt, at an investment cost estimated at approximately $150 million, according to Al Sharq Economy.
Drilling the Singer well comes within the plan of Chevron and its partners to develop natural gas reserves located within the concession area of ​​the American company's Narges field. The company will also begin production from the aforementioned field during the first half of 2025 in quantities of up to 600 million cubic feet in the first phase.
The Narges 1 field is located on an area of ​​1,800 square kilometers in the eastern Mediterranean in Egypt, and the volume of recoverable reserves from the field is estimated at about 2.5 trillion cubic feet.
The company has also completed all geological studies and research related to drilling the Singer well, and the driller that will undertake the exploration and drilling process is now on its way to the field site, and is expected to arrive at the end of this October.
It is worth noting that Egypt's daily needs for natural gas are 6.2 billion cubic feet per day, while its daily production is currently about 4.6 billion cubic feet. The government aims to increase natural gas production by the end of this year to about 5 billion cubic feet per day.
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