French utility Gaz de France (1020848.FR) said Monday it recently discovered natural gas deposits in the West El Burullus concession in Egypt for which it holds an exploration and production license.
The license, covering a total area of 1,364 square kilometers, concerns an offshore concession in the Mediterranean to the northeast of Alexandria. The license is held on a 50/50 basis by Gaz de France, the operator of the concession, and Dana Petroleum (DNX.FR).