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Egypt discovers large gas field in east Mediterranean

Turkey Sakarya gas Reuters/Lucy Nicholson
The Q4 outlook on demand is quite healthy said Vitol Bahrain's managing director Kieran Gallagher

Egypt has discovered a large gas field in the Nargis block in the eastern Mediterranean, petroleum minister Tarek El Molla said.

Evaluation is still ongoing to determine the field’s reserves, he said in a briefing to a parliamentary committee.

Nargis is one of four offshore exploration blocks in which Chevron holds operating interests in Egypt along with Tharwa Petroleum Co, according to Chevron’s website.

The Middle East Economic Survey reported this month that the size of the new well was 3.5 trillion cubic feet of gas.

Egyptian officials have declined to confirm details of the find.

The find could provide a boost to Egypt’s efforts to position itself as an energy hub in the eastern Mediterranean following the 2015 announcement of the discovery by Eni of the giant Zohr gas field.

State-owned Egyptian Natural Gas Holding Company (EGAS) discovered five new gas fields in the Mediterranean sea and the Nile Delta, Egypt Today newspaper reported in September.

The fields have a total reserve of about 317 billion cubic feet of gas, in addition to existing reserves of 471 billion cubic feet after drilling the Bashrush 3 well in the Mediterranean.