Egypt Discovers Large Offshore Gas Deposits

By Staff, Agencies

Egypt officially announced that it discovered a large natural gas reserve in one of its offshore blocks in the eastern Mediterranean Sea.

While Petroleum Minister Tarek El Molla told a parliamentary committee last Thursday that the well - located in the Nargis block - was still being assessed, the Middle East Economic Survey news report estimated that it contains 3.5 trillion cubic feet of natural gas.

Egypt's vast natural gas facilities in the Mediterranean have remained largely idle since the country's 2011 uprising that toppled longtime ruling autocrat Hosni Mubarak.