CAIRO, Aug. 29 (Xinhua) — Egypt’s plan to enhance its natural gas production includes the drilling of 35 new wells in the Mediterranean Sea and the Nile Delta within the next two fiscal years, as announced by the Egyptian Cabinet on Tuesday.
According to the statement, Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla stated that ten natural gas wells were already drilled during the fiscal year 2022-2023, which concluded on June 30, 2023.
The offshore drilling efforts have resulted in significant discoveries, including the identification of the Nargis-1 exploration well in the eastern Mediterranean. This well holds approximately 2.5 trillion cubic feet of natural gas.
El-Molla revealed that Egypt has devised plans to drill an additional 35 wells over the course of the next two fiscal years, involving an investment exceeding 1.5 billion U.S. dollars.
In a statement released on Monday, the Egyptian presidency announced that BP, the energy giant, alongside its partners, will invest 3.5 billion dollars in Egypt within the next three years. This commitment came subsequent to a meeting between Egyptian President Abdel-Fattah al-Sisi and BP CEO Bernard Looney.
Having made substantial discoveries in recent years, such as the Zohr gas field in the Mediterranean, estimated to contain 30 trillion cubic feet of gas, Egypt aims to evolve into a regional trade center for oil and liquefied natural gas.
Credit: The Star : News Feed
