Chevron's Nargis-2 well offshore Egypt yields positive results

Chevron (CVX) and Egypt's Ministry of Petroleum and Mineral Resources reported positive results on October 24 from the Nargis-2 well in the Mediterranean Sea. Drilling confirmed that gas-bearing reservoirs found at Nargis-1 extend further and encountered an additional gas-bearing interval with high-quality reservoir properties, with evaluation indicating up to 35 meters of net gas pay. Reuters's headline said the well "encounters high-quality reservoirs offshore Egypt".

The well reached a total depth of more than 5,000 meters and was also drilled to test deeper formations with high pressures and high temperatures. Drilling began in May 2026 from the Stena Forth drillship. The Nargis discovery was made in 2022, so Nargis-2 is an appraisal step on an existing find rather than a new field.

Chevron operates the Nargis area with Eni, Mubadala Energy and Tharwa Petroleum, and the Egyptian Natural Gas Holding Company (EGAS) cooperated on the drilling. The ministry, which announced the results, said its strategy is to accelerate appraisal and development of undeveloped discoveries and convert them into reserves.

None of the sources disclose resource or reserve volumes, flow rates or a development timeline. The ministry said further technical studies will determine the discovery's overall potential and development prospects. Investors may look for volume estimates and development plans, and Chevron's third-quarter earnings release is scheduled for October 30.