Chevron, along with most notably ConocoPhillips, has been at the vanguard of a broad-based resurgence in the successful re-engagement of the U.S. in several highly strategic regions across the wider Middle East.
After an extended period of reduced engagement in the Middle East and a refocusing inwards on itself, which allowed China and Russia to exploit the resultant power vacuum, there have been several signs recently that the U.S. has decided that now is a good time to take up where it left off a few years ago. In the energy sector, there have been several high-profile deals in regions of great geopolitical sensitivity in recent weeks that have been made by U.S.
Chevron and Eni, which each hold a 45 percent stake in the 1,800 square kilometre Nargis offshore area concession , announced that they have made a new gas discovery in the concession, focused on the Nargis-1 well. The state-owned Egyptian Natural Gas Holding Company stated in the past few days that the precise quantity of reserves in the well were being evaluated but that it was working with Chevron, Eni and Tharwa to begin production as soon as possible.
The attempt to concentrate the wider Middle East’s power grid has been going on for some time now, driven by China and Russia through the practical. Last year saw an announcement that Egypt and Jordan were increasing their cooperation in gas delivery projects inside Jordan with Egyptian expertise through specialised petroleum sector companies. Just prior to this, it was announced that Iraq had agreed to re-start the export of crude oil from Iraq’s Kirkuk to the refinery at Zarqa in Jordan.
At around the same time, Iraq’s then-Electricity Minister, Majid Mahdi Hantoush, announced that plans had been finalised for the completion of Iraq’s electricity connection with Egypt within the next three years. This network was to be bolstered by the parallel network connections that Iran had consolidated in terms both of direct electricity and gas exchanges.
In a similar vein, this gas discovery in Egypt not only drives a wedge between Egypt and the idea of a unified Middle East power grid beholden ultimately to China but also provides a new source of gas into Europe as and when required through the participation of European heavyweight oil and gas company, Eni.
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