ExxonMobil Corp has announced a new natural gas discovery off the coast of Egypt after successfully drilling an exploration well in the Mediterranean Sea, according to Bloomberg.
The discovery was made at the Nefertari-1 well, located in the North Marakia Block, about five miles from Egypt’s northern coastline. ExxonMobil confirmed to Bloomberg via email that the well encountered gas-bearing reservoirs and that further evaluation of the results will continue.
The Eastern Mediterranean has become a key area for gas exploration following several significant discoveries in 2009 and 2010. Its close proximity to European and Middle Eastern markets makes it an attractive region for energy production. Other major companies, including Chevron Corp, BP Plc, Shell Plc, and Eni SpA, are also active in the area.
ExxonMobil first entered the North Marakia Block in 2019 and later sold a 40% stake to QatarEnergy in 2022.
The drilling was carried out using the Valaris DS9 drillship, ExxonMobil added.
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