According to Egypt, a sizable gas field has been found in the Nargis block in the eastern Mediterranean, said Thursday’s petroleum minister Tarek El Molla.
Evaluation is still ongoing to determine the field’s reserves, he said in a briefing to a parliamentary committee.
According to Chevron’s website, Tharwa Petroleum Co. and Chevron (CVX.N) have operating interests in four offshore exploration blocks in Egypt, including Nargis.
This month, the Middle East Economic Survey stated that the new well had 3.5 trillion cubic feet of gas.
Officials from Egypt have declined to confirm the find’s specifics.
After Eni (ENI.MI) announced in 2015 that it had discovered the enormous Zohr gas field, the finding might help Egypt in its aspirations to establish itself as an energy centre in the eastern Mediterranean.
