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Egypt announces discovery of a gas field with 99 bcm of estimated reserves

The Egyptian Ministry of Petroleum has announced the discovery of a new large natural gas field in the Nargis block in the eastern Mediterranean, with estimated reserves that could reach 3.5 tcf (99 bcm). Evaluations are still underway to determine the field’s exact reserves.

The deepwater Nargis block is located off the city of Arish on the Sinai Peninsula. It is one of four offshore exploration blocks off Egypt’s coast in which the US group Chevron holds operating interests, alongside with the Egyptian oil company Tharwa Petroleum.

This new discovery could comfort Egypt in its goal to become an energy hub in the Mediterranean, following the discovery of the giant 30 tcf (850 bcm) Zohr gas field by the Italian oil and gas company Eni in 2015. In 2021, Egypt had total proved natural gas reserves reaching 2,209 bcm and produced more than 79 bcm. The country exported around 12 bcm of gas in 2021 (+58% compared to 2020 and nearly a threefold increase compared to 2019).