Large gas field discovery brings Egypt closer to energy hub goal
A newly discovered gas field is making Egypt's energy exporter hub vision more of a reality.
A new gas field was recently discovered in the Nargis block of the eastern Mediterranean. Egypt hopes the new discovery will help it reach its aspiration of being a central energy exporter in the region.
Egypt’s Petroleum Minister Tarek El Molla made the announcement last week but didn’t specify details of the find in the Nargis block.
However, the Middle East Economic Survey (MEES) reported that the size of the new well in early December was 99.12 billion cubic meters (bcm) of gas.
The Nargis block in which the new gas field was found is one of four offshore exploration blocks that Chevron holds operating interests in, according to its website, along with Tharwa Petroleum, Egypt’s first nationally owned joint stock Petroleum company founded in 2004.
