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Egypt plans to drill 35 new natural gas wells in the Mediterranean Sea and the Nile Delta in the next two fiscal years to boost its production.
The country already drilled 10 natural gas wells during the fiscal year 2022-2023, which ended on June 30, 2023, Tarek El-Molla, Egyptian Minister of Petroleum and Mineral Resources, said.
He added that the offshore drillings had made several discoveries, including the finding of the Nargis-1 exploration well in the eastern Mediterranean, which held about 2.5 trillion cubic feet of natural gas.
Mr El-Molla said Egypt planned to drill 35 new wells for the next two fiscal years, with an investment of more than $1.5 billion.
On Monday, the Egyptian presidency announced in a statement that the energy giant BP would invest $3.5 billion in Egypt along with its partners in the next three years.
It came after a meeting between Egyptian President Abdel-Fattah al-Sisi and BP’s CEO Bernard Looney.
Egypt aimed to become a regional trade hub for oil and liquefied natural gas after major discoveries were made in the country over recent years.
The discoveries included the Zohr gas field in the Mediterranean, which holds an estimated 30 trillion cubic feet of gas.
