Arab Finance: The Ministry of Petroleum and Mineral Resources announced a new natural gas discovery in the Nile Delta region, with production rates estimated at around 50 million cubic feet per day (Mcf/d), according to a statement.

This follows the successful drilling of the Nidoco N-2 exploratory well within the concession area, operated by Eni in partnership with bp.

Minister of Petroleum Karim Badawi inspected the EDC-56 drilling rig that executed operations in the West Abu Madi area of Kafr El-Sheikh Governorate.

Located around 3 kilometers offshore in shallow waters with a depth of around 10 meters, the well was drilled using the latest technologies, which contributed to reducing cost and boosting operational efficiency.

Badawi noted that the well's proximity to existing infrastructure, less than 2 kilometers from the nearest production facilities, enables rapid connection to the grid within the next few weeks. This is in addition to accelerating the production’s commencement and enhancing the efficiency of investment spending.

The discovery, alongside higher production rates from existing fields, reflects the ministry’s success in settling dues owed to foreign partners, with full clearance targeted by the end of June, Badawi added.

He further noted that it represents a model for maximizing the utilization of existing infrastructure, increasing production rates, and supporting gas supply to the domestic market.

It is worth noting that Badawi recently revealed that the Egyptian government has reduced dues to international oil companies (IOCs) to approximately $770 million now from $6.1 billion in June 2024, with a commitment to reaching zero dues before the end of June 2026.