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Egypt Government Announces $1.9bn Investment Plans in Gas Exploration

The Egyptian government announced a plan to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta, envisaging $1.9 billion in investments until mid-2025. According to a statement issued by the country’s cabinet on Tuesday, the plan included drilling 10 wells between July 2022 and June 2023.

This has resulted in the huge discovery in the Nargis Offshore Area Concession, which added reserves of 2.5 trillion cubic feet, Ahram Online reported, quoting Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla.

El-Molla said during the years 2023/2024 and 2024/2025, a total of 35 exploratory wells will be drilled with $1.5 billion in investments.

He said that there is another plan to drill 25 wells in the Zohr Field area to increase the field capacity, which reached 2.2 billion cubic meters per day.

Meanwhile, global energy giant British Petroleum (BP) is also reportedly planning to invest $3.5 billion in the exploration and development of natural gas resources in Egypt over the next three years.

Egypt has been taking steps towards developing the energy sector to position itself as an energy hub.

The country expects to produce about eight million tons of LNG in 2023 after discovering a new gas field in the Nargis area in January.

Data showed Egyptian LNG exports were increased by 14 percent year-on-year to 7.5 million tons in 2022.

Source: Arabian Business