Egypt intends to invest $1.8 billion in the excavation of 35 new exploratory natural gas wells in the Mediterranean and the Nile Delta by 2025, as stated by Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla. The plan involves completing 21 wells in the fiscal year 2023/2024 and 14 in 2024/2025. During an interview with Emirates News Agency (WAM) at the 8th OPEC International Seminar, El-Molla disclosed that Egypt is focusing on developing various gas fields including Nargis, Satis, Nour in the Mediterranean, East Damanhour in the Nile Delta, and Faramid and Al Abyad in the Western Desert.
Over the past five years, Egypt's petroleum sector, in collaboration with international companies, has successfully dug 576 new exploratory natural gas wells and made 289 gas and petroleum discoveries. This has resulted in an addition of 1.32 billion barrels of oil equivalent and 5.75 trillion cubic feet of natural gas to Egypt's reserves. El-Molla emphasized that petroleum and natural gas constitute approximately 93 percent of Egypt's energy resources and fulfill around 75 percent of domestic consumption.
The 8th OPEC International Seminar, held every three years, is scheduled to take place in Vienna, Austria, on July 5-6, 2023. The seminar serves as a platform to discuss significant matters in the oil industry and foster collaboration and dialogue among energy producers.