CAIRO – 29 August 2023: Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla stated that 35 new natural gas wells will be drilled during 2024/2025 with investments exceeding $1.5 billion, to increase production rates and reserves.
The drilling of 10 wells were completed during the 2022/2023. The drilling resulted in a number of discoveries, the most important of which was the discovery of Nargis in the Mediterranean with reserves of about 2.5 trillion cubic feet of gas.
El-Molla also reviewed the development of natural gas exploration, as he explained that a plan is being implemented to drill 45 natural gas wells in the Mediterranean Sea and the Delta, with investments worth almost $1.9 billion.
The petroleum minister said that the results of the international bidding to search for natural gas in 12 onshore and offshore areas in the Mediterranean and the Delta are being evaluated after it ended at the end of July.
El-Molla further stated on Tuesday that British Petroleum (BP) oil and gas company plans to drill four new natural gas exploratory wells during the fourth quarter of 2023.
Two wells will be drilled in the Raven gas and condensate field in the North Alexandria and West Mediterranean, while two others will be drilled in King Mariout offshore concession in the western Mediterranean.
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