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.

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.

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,