Commodities
Exxon Makes Natural Gas Find in Mediterranean Sea Off Egypt
- Region has become an exploration hotspot in recent years
- Exxon is still evaluating the full size of the discovery
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Exxon Mobil Corp. discovered natural gas off Egypt’s Mediterranean coast, a find that could prove significant for the North African nation looking to revive faltering production.
Exxon completed the exploratory Nefertari-1 well in the North Marakia Block, which is located about five miles off Egypt’s northern coast, the Texas-based company said in an emailed statement. “Gas bearing reservoirs were encountered, and we will continue to evaluate the results,” Exxon said.