Egypt Launches $1.8 Billion Offshore Gas Exploration Program

Cairo, July 5, 2023 - Egypt is launching an ambitious $1.8 billion offshore gas exploration program to drill 35 gas wells in the Mediterranean Sea and Nile Delta between now and July 2025, the Egyptian Minister of Petroleum and Mineral Resources said in Cairo on July 5, reports ArabianTrade.com.

He said the offshore gas exploration program, which involves major international oil and gas companies including Eni, Chevron, ExxonMobil, Shell and BP, plans to drill 35 exploration gas wells between now and July 2025, with 21 wells scheduled to be completed in fiscal year 2023/2024 and 14 wells scheduled to be completed in fiscal year 2024/2025. fiscal year.

In a statement to the Emirates News Agency on the sidelines of the 8th OPEC International Symposium in the Austrian capital Vienna, he said Egypt is developing several exploration gas fields in the Mediterranean, the Nile Delta and the Western Desert with a view to increasing Egypt's gas production capacity.

Over the past five years, the Egyptian oil sector and its international partners have been busy exploring new oil and gas resources, with 284 new oil and gas wells discovered so far, including 217 oil and 67 gas wells.

These new oil and gas wells have added 1.32 billion barrels of oil equivalent to Egypt's hydrocarbon reserves, he added.