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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.
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Bloomberg News
Kevin Crowley, Tarek El-Tablawy and Salma El Wardany
Published Jan 15, 2025 • 1 minute read
(Bloomberg) — 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.
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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.
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The Eastern Mediterranean has become an exploration hotspot in recent years after several natural gas discoveries off the coast of Israel in 2009 and 2010. The region’s proximity to gas-hungry markets in Europe and the Middle East helps bolster the potential economic viability of any discovery, but its political instability is a challenge. Chevron Corp., BP Plc, Shell Plc and Eni SpA also have assets and exploration plans in the area.
Exxon announced its entry into the North Marakia block in 2019 and sold a 40% stake to QatarEnergy in 2022.
The well was drilled with Valaris Ltd.’s DS9 drillship, Exxon said.
While Egypt had once planned to become a key energy hub and supplier for Europe, its gas production declined to the lowest since 2017 in June, forcing Cairo to increase liquefied natural gas imports to the highest in about six years. An acute dollar shortage prompted foreign energy companies to slow down investments after accumulated arrears owed to them by the government.
The state has since embarked on a plan for monthly repayments to reinvigorate investments and production, with Egypt hoping to return to exporting the fuel by the end of 2027.
Eni SpA said late last year it plans drilling operations to increase gas production that had been diminishing at its flagship Zohr gas field. BP Plc expects to start output from two new gas wells at its Raven Field in February, while Apache is boosting both oil and gas production in the Western Desert.
(Updates with context on Egypt gas production from sixth paragraph.)
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