Chevron, a US-based company, has revealed its intentions to conduct drilling operations for extracting natural gas from the Nargis 2 field situated in the deep waters of the Mediterranean Sea off the coast of Egypt. This endeavor, slated for the final quarter of 2024, involves an initial investment of $60 million, according to statements made by a government official to Asharq Bloomberg.

Earlier in 2023, Chevron had announced its exploration efforts in the Nargis 1 field, located in the eastern Mediterranean of Egypt, estimated to harbor natural gas reserves of approximately 2.5 trillion cubic feet.

Production from the Nargis 1 field is projected to commence in the first half of 2025, with an initial phase expected to yield 600 million cubic feet of natural gas.

In February, Tarek El Molla, Egypt's Minister of Petroleum and Mineral Resources, unveiled the country's ambition to increase foreign investments in the oil and gas sector by 25 percent, targeting a total of $7.5 billion for the fiscal year 2024/2025.

During the previous fiscal year 2022/2023, foreign investments in the sector reached $5.6 billion, a rise from $4.7 billion in the preceding fiscal year 2021/2022, as disclosed by El Molla.

Moreover, in August, the minister announced plans to drill 35 new natural gas wells throughout the fiscal year 2024/2025, with investments exceeding $1.5 billion. Additionally, he highlighted a separate initiative to drill 45 natural gas wells in the Mediterranean Sea and the Delta, with investments valued at nearly $1.9 billion, as part of the ongoing development of natural gas exploration.