Egypt has taken another step in its push to boost domestic gas production after drilling officially began at the Narcissus natural gas field in the Mediterranean, a project authorities hope will help ease pressure on the country’s growing energy import bill.
The start of operations, led by Chevron Corporation in partnership with Eni and other regional partners, signals renewed efforts by Egypt to accelerate the development of undeveloped offshore gas discoveries amid rising domestic demand and growing pressure on foreign currency reserves.
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, witnessed the launch of drilling activities aboard the “Stena Forth” drilling vessel, which recently arrived in Egyptian waters to begin field operations at the offshore site.
The Narcissus field is viewed as one of several strategic Mediterranean gas assets that Egyptian authorities want fast-tracked into production as the country seeks to strengthen energy security and reduce dependence on imported natural gas.
Badawi said the project forms part of a wider government strategy aimed at encouraging international energy companies to speed up investments in undeveloped gas discoveries and bring new supplies online.
