Exxon completed the Nefertari-1 well in the North Marakia Block, which is located about five miles off Egypt’s northern coast, the Texas-based company said in an emailed statement. “Gas bearing reservoirs were encountered, and we will continue to evaluate the results,” Exxon said.
The Eastern Mediterranean has become an exploration hotspot in recent years after several natural gas discoveries off the coast of Israel in 2009 and 2010. The region’s proximity to gas-hungry markets in Europe and the Middle East helps bolster the potential economic viability of any discovery, but its political instability is a challenge. Chevron Corp., BP Plc, Shell Plc and Eni SpA also have assets and exploration plans in the area.
Exxon announced its entry into the North Marakia block in 2019 and sold a 40% stake to QatarEnergy in 2022.
The well was drilled with Valaris Ltd.’s DS9 drillship, Exxon said.
