Egypt ramps up expected oil, gas investments to $9 bln in FY2023/24: Petroleum minister

Ahram Online , Sunday 24 Sep 2023

Egypt has revised up its projected total investments in oil and natural gas to $9 billion (EGP 277 billion) during the fiscal year 2023/24, according to 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.


This updated forecast represents a $1 billion increase from the previous estimate of $8 billion in July.

El-Molla revealed these figures in an interview with Asharq Business while participating in the inauguration of Egypt's first fuel service station by ADNOC.

The bulk of these investments, approximately $7.5 billion, will be channeled into projects located in Alexandria, Assiut, and Suez, as outlined in an official statement by the Ministry.

Additionally, $1.40 billion has been earmarked for investments in Beheira, Damietta, and Matrouh.

By 2025, Egypt aims to dig 35 new exploratory natural gas wells in the Mediterranean and the Nile Delta at a cost of $1.8 billion, El-Molla noted previously.

He added that 21 wells will be put into production during FY2023/24 and 14 in 2024/25.

Over the past five years, Egypt's petroleum sector in partnership with international companies dug 576 new exploratory natural gas wells and made 289 new gas and petroleum discoveries.

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