Egypt earmarks $1.9bn for 45 new exploratory gas wells until mid-2025

Egypt is planning to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta, envisaging $1.9 billion in investments until mid-2025, said Minister of Petroleum and Mineral Resources Tarek El Molla, on Tuesday.

The minister added that the plan includes drilling 10 wells between July 2022 and June 2023 which resulted in the massive discovery of the Nargis concession in the Mediterranean, which added reserves of 2.5 trillion cubic feet.

Meanwhile, British Petroleum (BP) is also reportedly planning to invest $3.5 billion in the exploration and development of natural gas resources in Egypt over the next three years.

It is worth mentioning that the country is expected to produce about eight million tons of LNG in 2023 after discovering a new gas field in the Nargis area in January.

These announcements came during Tarek El Molla’s meeting with Prime Minister Moustafa Madbouly at the government headquarters in New Alamein City.

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