Arab Finance: Egypt plans to launch three international bids for oil and gas exploration this year, Petroleum minister Tarek El-Molla said during his speech in the sixth edition of the Egypt International Petroleum Exhibition and Conference "EGYPS 2023."

This is in addition to drilling 300 exploratory wells until 2025, El-Molla added.

The Egyptian Minister revealed that the country's oil exports jumped 41% year-on-year (YoY) in 2022 to $18.2 billion, up from $12.9 billion a year earlier.

 Egypt has witnessed a spike in its energy reserves in 2022, with 53 new oil and gas discoveries, according to the Ministry of Petroleum and Mineral Resources’ 2022 Achievements Report.

The new discoveries include 42 oil wells and 11 gas wells in the Western Desert, the Suez Gulf, the Mediterranean Sea, and Nile Delta.

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