EGYPT: Gas Find at Nefertari-1 Exploration Well – Reports

Excitement is brewing in the energy sector as early, unofficial reports by Welligence energy analytics suggesting that ExxonMobil’s Nefertari-1 exploration well has struck gas offshore Egypt. While neither ExxonMobil nor Egypt’s Ministry of Petroleum and Mineral Resources has issued an official announcement, this development is already drawing significant attention.

The Nefertari-1 well, located in the North Marakia concession area in Egypt’s West Mediterranean, was spud in December 2023. The prospect was estimated to hold 3-5 trillion cubic feet (Tcf) of gas before drilling commenced. ExxonMobil operates the concession with a 60% share, partnering with QatarEnergy, which holds the remaining 40%.

If the gas discovery is confirmed, Nefertari could become Egypt’s most significant gas find since Chevron’s Nargis discovery in January 2023. This would mark a major milestone for ExxonMobil, as Nefertari-1 is the company’s first exploration well offshore Egypt. Over the past few years, ExxonMobil has been steadily building an exploration portfolio in the region, signaling its commitment to unlocking the potential of the East Mediterranean’s hydrocarbon reserves.