Egypt’s PM unveils 105 new oil, gas wells in 6 months

Egyptian Prime Minister Moustafa Madbouly announced on Thursday the drilling of 105 new wells in the past six months, resulting in a significant increase in oil and gas production.

This expansion has led to an additional 64,000 barrels of oil per day and an additional 271 million cubic feet of gas per day, Prime Minister Madbouly told a press conference.

The new wells include 95 oil wells and 10 gas wells, made possible by the timely settlement of payments to foreign partners and the government’s attractive incentive policies, he noted.

The prime minister emphasised that these efforts are expected to save Egypt approximately $1.5 billion in import bill over the next six months. The increased domestic production will reduce the reliance on foreign energy imports.

Th prime minister’s announcement underscores the government’s ongoing efforts to strengthen the national oil industry, increase production, and ensure energy security for Egypt’s growing needs. The new wells are part of a broader strategy to maximise the potential of Egypt’s oil reserves and maintain a strong position in the global energy market.

Attribution: Amwal Al Ghad English