UAE’s Dragon Oil seeks to buy 20% stake in Egypt’s Nargis gas field

Dubai-based Dragon Oil is seeking to purchase a 20 percent stake in Egypt’s Nargis offshore concession area from U.S. energy giant Chevron, according to an Egyptian government official told the Asharq Business on Sunday.

Egypt’s Nargis Offshore Area concession is 1,800 square kilometers. Chevron Holdings is the operator with a 45 percent interest, while Eni’s wholly owned Affiliate IEOC Production BV holds a 45 percent and Tharwa Petroleum Company SAE holds a 10 percent interest.

Egypt expects that the gas reserves in the Nargis bloc to be between two trillion and 2.5 trillion cubic feet, according to the Petroleum Minister Tarek Al-Molla in a previous interview with the Alsharq Business last February.