Egypt's Ambitious $1.2 Billion Oil And Gas Exploration Plan For 2024-2025
Date
7/16/2024 2:14:07 AM
(MENAFN- AzerNews)
Nazrin Abdul
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Egypt is set to drill 110 new exploratory oil and gas wells
during the 2024-2025 fiscal year, with a total investment of $1.2
billion, Azernews reports citing Egypt's Ministry
of petroleum and Mineral Resources.
The announcement was made by Karim Badawi, Egypt's Minister of
Petroleum and Mineral Resources, during a meeting to review the
government's new program. Badawi revealed that by 2030, Egypt plans
to conduct a total of 586 exploratory oil and gas wells, with a
cumulative investment of $7.2 billion.
Regarding exploration activities, the minister highlighted that
there are currently 145 commitment agreements in place with 40
partners focused on oil and gas exploration.
Badawi also addressed challenges in the sector, including
regional competition for investment opportunities, economic
incentives, and the slow pace of research and exploration
efforts.
To overcome these challenges, the minister outlined several new
initiatives, including the creation of unconventional reservoirs,
the development of a global marketing strategy to attract new
investments, and the presentation of global proposals through the
Egyptian Exploration and Production Portal.
Egypt aims to establish itself as a leading regional hub for oil
and liquefied natural gas trading.
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