Offshore rig in Nile Delta area. Energy Intelligence.
CEO of KUFPEC Mohammad Al-Haimar announced that the recent agreement will expand the company’s offshore and exploration assets in Egypt, as reported on Wednesday by the Kuwait News Agency (KUNA).
BG International acquired the offshore block last year and started drilling sections three and four in August of this year, according to Kuna.
Shell Egypt has been operating in Egypt for 100 years. Today, most of the company’s operations are located in the Western Desert and Nile Delta.
KUFPEC started its first production in Egypt in the Western Desert in mid-2007.
Egypt is working to maximize its energy resources to meet domestic demand and position itself as an energy hub.
The government announced in August a plan to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta with $1.9 billion in investments until mid-2025.
Similarly, global energy giant British Petroleum (BP) plans to invest $3.5 billion in the exploration and development of natural gas resources in Egypt over the next three years.
The country expects to produce about eight million tons of liquefied natural gas (LNG) in 2023 after discovering a new gas field in the Nargis area in January.
Egyptian LNG exports increased by 14 percent year-on-year to 7.5 million tons in 2022.