ExxonMobil Strikes Natural Gas in Egypt’s Mediterranean Waters

ExxonMobil Corp announced that it made natural gas discovery off the coast of Egypt after successfully drilling an exploration well in the Mediterranean Sea, Bloomberg reported.

ExxonMobil completed the Nefertari-1 well in the North Marakia Block, which is located about five miles off Egypt’s northern coast, the Texas-based company told Bloomberg in an emailed statement. “Gas bearing reservoirs were encountered, and we will continue to evaluate the results,” ExxonMobil said . 

The Eastern Mediterranean has become an exploration hotspot in recent years after several natural gas discoveries  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. 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 DS9 drillship, ExxonMobil said.