Egypt discovers a large gas field in the Mediterranean, minister says

CAIRO, Dec 15 (Reuters) – Egypt has discovered a large gas field in the Nargis block in the eastern Mediterranean, Petroleum Minister Tarek El Molla said on Thursday. 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 (CVX.N) 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 (ENI .MI) of the giant Zohr gas field. Reporting by Nashaat Hamdy; writing by Moaz Abd-Alaziz; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

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