ExxonMobil Unearths Gas in Egypt With Valaris Drillship

Core Insights - ExxonMobil Egypt has made a significant gas discovery in the western Mediterranean Sea, specifically through the Nefertari-1 well in the North Marakia Block [1][2] - The well was drilled at a water depth of 1,720 meters and reached a final depth of 2,700 meters, indicating a relatively shallow depth that facilitates rapid production [2] - The discovery is expected to enhance Egypt's energy sector and attract further investments in the region [5] Exploration and Technology - The exploration was conducted in partnership with QatarEnergy, utilizing advanced seismic data processing and modern drilling technologies [3] - The Valaris DS-9 drillship, capable of operating in water depths up to 12,000 feet, was instrumental in the discovery and has also been used for recent oil discoveries in Angola [3] Egypt's Energy Strategy - Egypt is actively expanding its hydrocarbon exploration activities, with plans to sign 15 new exploration agreements by the end of 2025 and commitments to drill at least 46 wells [4] - ExxonMobil has secured a six-month extension for the Valaris DS-9 drillship starting January 2025, indicating a long-term commitment to Mediterranean exploration [4]