Exxon Mobil Corp. discovered natural gas off Egypt’s Mediterranean coast, a find that could prove significant for the North African nation looking to revive faltering production.

XOM's natural gas find off Egypt's coast could help the nation reverse its declining production and regain its status as a key energy supplier.

ExxonMobil has made a potential play opening discovery in Egypt's frontier Herodotus basin on a prospect that, before drilling began, was estimated could hold up to 5 trillion cubic feet of gas.

Exxon Mobil (NYSE:XOM) has discovered natural gas off Egypt's Mediterranean Sea, which could prove significant for Egypt's efforts to revive faltering production, Bloomberg reported Wednesday. Exxon (XOM) completed the exploratory Nefertari-1 well in the North Marakia Block roughly five miles off Egypt's northern coast,