ESSEN, Germany, Nov. 29 (UPI) -- The discovery of a natural gas deposit in the deep waters off the coast of Egypt demonstrates the regional resource potential, German energy company RWE said.
RWE Dea Egypt, the German company's Egyptian affiliate, announced what it said was a "significant deep gas discovery" in the waters of the Mediterranean Sea.
"This discovery increases our hydrocarbon resources and demonstrates further potential in our licenses in the West Nile Delta region," said Ralf to Baben, a chief operating officer of RWE, in a statement.
The discovery was uncovered about 50 miles northwest of Alexandria in 3,500 feet of water. A well was drilled to a depth of 20,800 feet and represents the first deep water discovery in the area for the German company.
RWE said in July it was investing $3.6 billion to tap into the deep waters off the Egyptian coast, which it said was the largest single upstream investment ever for the company.
The company's share of the gas at the offshore field is expected to level off at around 120 billion cubic feet per year once production reaches full swing in 2015.
British energy company BP holds a controlling stake in the offshore block.