Exxon Mobil discovers natural gas in Mediterranean off Egypt's coast

Exxon Mobil Corp. announced the discovery of natural gas off Egypt's northern coast after drilling the Nefertari-1 well in the Mediterranean Sea. Located approximately five miles offshore in the North Marakia Block, the exploration effort yielded gas-bearing reservoirs, according to the Texas-based oil giant. "We will continue to evaluate the results," stated Exxon in a recent press release. The company is assessing the well's potential for future development.