Egypt carries out $1.9B plan to drill 45 natural gas wells
Updated 8/30/2023 10:51:00 AM
Arab Finance: Egypt is currently carrying out a plan to drill 45 natural gas wells in the Mediterranean and the Nile Delta with around $1.9 billion in investments, Ministry of Petroleum and Mineral Resources stated on August 29th.
As per the plan, 10 wells have been already drilled in fiscal year (FY) 2022/2023.
The plan also includes the drilling of 35 new natural gas wells during FY 2023/2024 and FY 2024/2025 with over $1.5 billion in investments.
This aims to scale up the country’s production capacity and reserves.
The country is also planning to drill five more wells at the Zohr natural gas offshore field starting 2024, along with the completion of drilling 20 drills at the field, to boost its current production capacity which amounts to nearly 2.2 billion square feet daily.
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