🛢️ Chevron $CVX has encountered high-quality reservoirs at its Nargis-2 appraisal well offshore Egypt, confirming the earlier discovery made at Nargis-1, according to a company statement provided to Reuters. The well evaluated Miocene and Oligocene geological formations, with the results expected to guide further technical assessments and future exploration planning in Egypt and the broader Mediterranean region. Chevron operates the offshore Nargis concession with a 45% working interest, alongside IEOC Production B.V., which holds another 45%, and Egypt's Tharwa Petroleum Company, which owns the remaining 10%. Nargis-2 was drilled as part of the concession's second exploration phase, which required Chevron to drill an exploration well. Chevron also operates the Leviathan and Tamar natural gas fields offshore Israel, maintaining a significant presence across the Eastern Mediterranean. #Chevron #NaturalGas #Egypt