Egypt to drill 35 new gas wells to increase production
Egypt is planning to drill 35 new natural gas wells in the Mediterranean Sea and Nile Delta in the next two years to boost its natural gas reserve.
The country had drilled ten natural gas wells during in 2022-2023, Tarek El-Molla, Egyptian Minister of Petroleum and Mineral Resources said.
The offshore drillings have made a number of discoveries, including Nargis-1 exploration well in the eastern Mediterranean which holds about 2.5 trillion cubic feet of natural gas.
El-Molla said more than 1.5 billion U.S. dollars will go into the drilling of the ten wells
On Monday, the presidency announced in a statement that energy giant BP would invest 3.5 billion dollars in Egypt along with its partners in the next three years.
The announcement was made after a meeting between Egyptian President Abdel-Fattah al-Sisi and BP’s CEO Bernard Looney.
Egypt aims to become a regional trade hub for oil and liquefied natural gas after major discoveries were made in the country in recent years.
The discoveries included the Zohr gas field in the Mediterranean, which holds an estimated 30 trillion cubic feet of gas.
