100 Trillion Litre Gas Field Discovered in Egypt
The Ministry of Petroleum and Mineral Resources announced the discovery of a large gas field off the Mediterranean coast.
The Ministry of Petroleum and Mineral Resources announced the discovery of a large gas field, located in the Nargis block off the north-eastern Mediterranean coast. The field spans a capacity of 3.5 trillion cubic feet - or nearly 100 trillion litres - of gas according to the Middle East Economic Survey, and is set to be assessed by the ministry within the next month.
The Nargis block is amongst four offshore exploration locations in Egypt, and according to the Ministry of Petroleum and Ministry Resources it follows the Zohr block in terms of importance. Egypt is home to 1.7% of the world’s proven natural gas reserves and is the second largest producer of natural gas in North Africa, with monthly exports to Europe worth $600 million, with plans to expand to $1 billion monthly.