Egypt to invest $1.8 bln in 35 new natural gas wells by 2025: Minister

Ahram Online , Tuesday 4 Jul 2023

Egypt plans to dig 35 new exploratory natural gas wells in the Mediterranean and the Nile Delta by 2025 with $1.8 billion in investments, said Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla.

Egypt s Minister of Petroleum Tarek El-Molla. Cabinet.
Egypt s Minister of Petroleum Tarek El-Molla. Cabinet.


According to the plan, 21 wells will be completed during the fiscal year 2023/2024 and 14 in 2024/2025. El-Molla's comments came during an interview with Emirates News Agency (WAM) on Tuesday, on the sidelines of his participation in the 8th OPEC International Seminar.

The minister revealed that Egypt is developing the Nargis, Satis, and Nour gas fields in the Mediterranean; the East Damanhour field in the Nile Delta; and Faramid and Al Abyad fields in the Western Desert.

Over the last five years, the Egyptian petroleum sector in partnership with international companies dug 576 new exploratory natural gas wells and made 289 new gas and petroleum discoveries, adding 1.32 billion barrels of oil equivalent and 5.75 trillion cubic feet of natural gas to Egypt’s reserves, El-Molla stated.

He noted that petroleum and natural gas account for around 93 percent of Egypt’s energy resources and cover about 75 percent of domestic consumption.

The 8th OPEC International Seminar will be held in the Austrian capital of Vienna between 5 and 6 July 2023. The event is held once every three years to discuss important issues in the oil industry, and promote cooperation and dialogue among energy producers.


Egypt’s endeavours to be an energy hub

The growth in Egyptian gas production in recent years has encouraged the government to pursue fuel conversion as a national energy strategy.

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

The country's LNG exports increased by 14 percent year-on-year to 7.5 million tons in 2022.

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