Egypt: ExxonMobil Finds Major Gas Reserves in Egypt’s Mediterranean Waters

TLDR

• Exxon Mobil Corporation (XOM) has made a significant natural gas discovery in the Mediterranean Sea off Egypt’s northern coastline
• The Nefertari-1 exploratory well, located in the North Marakia Block about five miles offshore, revealed gas-bearing reservoirs
• Egypt’s gas production has dwindled to its lowest levels since 2017, compelling the country to import LNG at levels unseen in six years

Exxon Mobil Corporation (XOM) has made a significant natural gas discovery in the Mediterranean Sea…