Egypt unveils $1.8bn ambitious offshore gas exploration plan
CAIRO, July 5, 2023
Egypt is embarking on an ambitious $1.8 billion offshore exploration plan to drill 35 gas wells in Mediterranean Sea and Nile Delta from now till July 2025, said Tarek El Molla, Minister of Petroleum and Mineral Resources of Egypt.
The programme, which involves major international companies, including Eni, Chevron, ExxonMobil, Shell and BP, aims to drill 35 exploratory gas wells from now till July 2025, with 21 planned for the 2023/2024 fiscal year and 14 for the 2024/2025 fiscal year, he stated.
In statements to the Emirates News Agency on the sidelines of the 8th Opec International Seminar in Vienna, Austria, El Molla said that Egypt is developing several exploration fields in the Mediterranean Sea, Nile Delta, and Western Desert to boost the country’s production capacity.
El Molla pointed out that the Egyptian petroleum sector and its international partners have been busy exploring new oil and gas resources over the past five years, discovering 284 new fields, including 217 oilwells and 67 gas wells.
These new fields have added 1.32 billion barrels of oil equivalent (BOE) to the country’s reserves, he added.
