UPDATE 1-Egypt discovers large gas field in Mediterranean, minister says - REUTERS

CAIRO, Dec 15 (Reuters) - Egypt has discovered a large gas field in the Nargis block in the eastern Mediterranean, Petroleum Minister Tarek El Molla said on Thursday.

Evaluation is still ongoing to determine the field’s reserves, he said in a briefing to a parliamentary committee.

Nargis is one of four offshore exploration blocks in which Chevron holds operating interests in Egypt along with Tharwa Petroleum Co, according to Chevron’s website.

The Middle East Economic Survey reported this month that the size of the new well was 3.5 trillion cubic feet of gas.

Egyptian officials have declined to confirm details of the find.

The find could provide a boost to Egypt’s efforts to position itself as an energy hub in the eastern Mediterranean following the 2015 announcement of the discovery by Eni of the giant Zohr gas field.

Sisi’s maritime declaration shields Crete - KATHIMERINI

15.DECEMBER.2022 • 12:15
Vassilis Nedos

Despite Ankara’s efforts to normalize relations with Cairo, the Turkish-Libyan maritime memorandum received another blow to its credibility with the presidential decree of Egypt’s Abdel Fattah el-Sisi declaring the Egypt-Libya maritime border unilaterally with a western limit at the 25th meridian – i.e. even further west than the limit of the August 2020 Greece-Egypt partial demarcation agreement.

The recent developments around Crete serve as a shield for Greece’s rights, as the exploration for hydrocarbons to the southwest of the island at the request of US oil giant ExxonMobil was followed by Sisi’s decree, which transfers Egypt’s claims against Libya further west, dealing another blow to the Turkish-Libyan memorandum. In effect, it makes Tripoli’s desire for exploration south of the eastern part of Crete, where Egypt is now asserting claims, even more difficult.

Although the decree does not reach the median line (as perceived by Greece) leaving room for a future tripartite agreement between Greece, Egypt and Libya, it practically covers even more of Crete against the possibility of Tripoli requesting that exploration be conducted by the Turkish Petroleum Corporation (TPAO) at a point near the east of the island.