29 August 2023; MEMO: Egypt plans to drill 35 gas wells by mid-2025, according to the country’s Petroleum Minister on Tuesday, Anadolu Agency reports.
“The drilling of the 35 wells will cost over $1.5 billion in investments, and aims to increase the country’s production and reserves,” Tarek El-Molla said in a statement.
The drilling of the new well is part of a plan worth $1.9 billion to explore for gas in the Mediterranean and the Delta.
The plan included drilling 10 wells between July 2022 and June 2023, which resulted in the huge discovery in the Nargis Offshore Area Concession, which added reserves of 2.5 trillion cubic feet, Molla said.
The Minister added that Egypt plans to accelerate the development of the discovered oil wells in order to put them for production.
Egypt achieved self-sufficiency in natural gas six years ago. The country produces around 65 billion cubic meters per day, while its consumption is estimated at 60 billion cubic meters per day.
