Egypt To Drill Oil, Gas Wells Worth 1.2 Billion USD In Current Fiscal Year: Minister

7/14/2024 9:13:00 PM

(MENAFN- Nam News Network) CAIRO, Jul 15 (NNN-MENA) – Egypt is planning to drill 110 exploratory wells for gas and oil, with a total investment of 1.2 billion U.S. dollars, during the current fiscal year 2024/2025, Egyptian Ministry of petroleum and Mineral Resources quoted Minister Karim Badawi as saying, in a statement yesterday.

In a meeting with a parliamentary committee, reviewing the new government's programme, Badawi said that, Egypt will have 586 exploratory wells for gas and oil drilled, with a total investment of 7.2 billion U.S. dollars by 2030, said the statement.

Regarding exploration activity, the minister explained that, there are currently 145 commitment agreements in force, in the field of research and exploration for oil and gas, which have been concluded with 40 partners, it added.

He pointed out that, there are challenges in exploration activity, most notably regional competition to offer investment opportunities and accompanying economic incentives, as well as, the slow implementation of research and exploration activities.

The minister said, there are plans to overcome these challenges, such as setting new incentives for current and future opportunities, including unconventional reservoirs, preparing a global marketing plan, to attract new investments, and offering global bids through the Egypt Exploration and Production Portal.

Egypt aims to become a regional trade hub for oil and liquefied natural gas, after major discoveries were made in the country over recent years, including the Zohr gas field in the Mediterranean, which holds an estimated 30 trillion cubic feet of gas.– NNN-MENA

MENAFN14072024000200011047ID1108437901

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.