The US-based Chevron will inject initial investments worth $3 billion to develop Narges natural gas field in the Egyptian Mediterranean waters during the first half (H1) of 2024, Asharq Business reported on September 19th, citing unnamed government source familiar with the matter.

Chevron Holdings and IEOC Production, a subsidiary of the Italian company Eni, each own a 45% stake in the field.

Egypt expects natural gas reserves in the Narges field to reach between 2 and 2.5 trillion cubic feet.