Oil Minister Tarek El Molla confirmed that a large gas discovery has been made in the Nargis block in the Eastern Mediterranean during a briefing to the House Energy Committee, Youm7 reported Thursday.

A report of a big gas find landed a few weeks ago: The Middle East Economic Survey reported earlier this month that a field holding an estimated 3.5 tn cubic feet of gas had been discovered by Chevron. El Molla declined to disclose any figures during the briefing, telling MPs that companies are still evaluating its size.

The Nargis block is mostly foreign-operated: US energy giant Chevron holds 45% operating interest, Italian Eni owns 45% and state-owned Tharwa Petroleum holds the remaining 10%.

We need the extra gas: Egypt is trying to maximize its exports of natural gas amid a growing shortage of FX. It is rationing its usage of gas for domestic power production and turning to other types of fuel in order to free up more gas for export. The find comes at a good time for Egypt, which has seen output fall from a peak of 7.2 bn cf per day last September to 6.5 bn cf/d in 3Q 2022, according to MEES.