Egypt's petroleum sector aims to drill 110 exploratory gas wells until 2030

CAIRO - 9 October 2023: The petroleum sector is intensifying research and exploration activities for oil and gas, and developing them with the aim of maintaining and increasing production rates.

 

 

What is the plan?

 

In the research and exploration plan until 2030, the petroleum sector aims to drill 110 exploratory gas wells with investments amounting to about 4.8 billion dollars.

 

The research and exploration plan during 2023-2024-2025 includes drilling 35 wells with investments amounting to $1.6 billion and estimated gas reserves amounting to about 35.4 trillion cubic feet.

 

A total number of10 exploratory wells were drilled during the year 2022-2023 with investments of $300 million, adding 2.6 trillion cubic feet of gas.

 

The research and exploration plan during the period from 2026 to 2030 also includes drilling 65 wells with investments of $2.9 billion.

 

 

Unprecedented results

 

Over the past nine years, the petroleum sector has succeeded in achieving unprecedented results, as research and exploration areas have been increased by offering new global bids in various geological basins, while using modern marketing methods through a new digital platform, “Egypt Digital Gateway for Exploration and Production - EUG.”

 

As well as using advanced technology to improve the quality of seismic survey images, as well as to increase production in obsolete areas and fields.

 

The signing of border demarcation agreements with Cyprus, Greece, and Saudi Arabia contributed to benefiting from the petroleum wealth in both the Mediterranean and Red Sea regions, increasing research and exploration work, and creating new exploratory opportunities such as Zohr.

 

During the period from July 2014 to June 2023, 120 petroleum agreements issued by laws were signed, with a minimum investment amounting to $22.3 billion, a minimum well drilling of 452 wells, and signature grants amounting to $1.3 billion.

 

One of the most important results is the success in attracting new foreign companies for the first time, such as Chevron, ExxonMobil, Total, Woodside, and Qatar Energy.