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Exxon Mobil Corporation’s XOM subsidiary, ExxonMobil Egypt, has announced a significant gas discovery in the western Mediterranean Sea off Egypt’s coast. The discovery was made through the drilling of the Nefertari-1 well in the North Marakia Block, utilizing the Valaris DS-9 drillship.
Drilled at a water depth of 1,720 meters, the Nefertari-1 well revealed gas-bearing reservoirs in the Cretaceous formation, sparking optimism for swift development. Egypt’s Ministry of Petroleum and Mineral Resources highlighted that the well's final depth of 2,700 meters makes it relatively shallow, easing the path for rapid production.
ExxonMobil, in partnership with QatarEnergy, worked on this exploration projection. Leveraging advanced seismic data processing and modern drilling technologies, the firm has successfully uncovered gas in an untapped area, marking a breakthrough for the western Mediterranean region.
The Valaris DS-9 drillship, capable of operating in water depths up to 12,000 feet, played a crucial role in the discovery. Its advanced capabilities also facilitated ExxonMobil’s recent oil discovery in Angola.
Egypt is aggressively expanding its hydrocarbon exploration activities, aiming to boost energy production. The country plans to sign 15 new exploration agreements by the end of 2025, with commitments to drill at least 46 wells.
ExxonMobil has secured a six-month extension for the Valaris DS-9 drillship, starting January 2025, with options for further extensions. This continuity highlights the company’s long-term commitment to Mediterranean exploration and its potential to unlock additional resources.
The Nefertari-1 discovery signals a promising future for Egypt’s energy sector, fostering hope for new developments and encouraging further investments in the western Mediterranean.
XOM’s Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like SM Energy Company SM, Sunoco LP SUN and Range Resources Corporation RRC. While SM Energy and Sunoco presently sport a Zacks Rank #1 (Strong Buy) each, Range Resourcescarries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term value for shareholders.