https://en.sputniknews.africa/20230830/egypt-to-drill-35-new-gas-wells-1061727630.html
Egypt to Drill 35 New Gas Wells
Egypt to Drill 35 New Gas Wells
Sputnik Africa
Egypt has been discovering natural gas fields for over 50 years. The Zohr reserve, encountered in 2015, is considered to be the Mediterranean's largest natural... 30.08.2023, Sputnik Africa
2023-08-30T17:56+0200
2023-08-30T17:56+0200
2023-08-30T17:56+0200
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Egypt plans to drill 35 new natural gas wells over the next two years, according to Minister of Petroleum and Mineral Resources Tarek El-Molla.According to him, these projects must be carried out during the 2023/24 and 2024/25 financial years. An investment of $1.5 billion is earmarked for the objectives.The minister also shared that in the 2022/23 financial year, a total of 10 wells were drilled. In recent years, Egypt managed to increase its production of blue fuel. In addition, since 2018, the country has refused to import gas. On several occasions, Cairo mentioned its intention to become a regional center for natural gas trading.Last September, Minister Tariq El Mulla announced that his country intended to export 8.5 to 10 billion dollars of gas in the 2022-2023 financial year.Oil and natural gas constitute 93% of Egypt's primary energy resources. The country's production of these natural resources covers around 75% of domestic consumption, stated the minister as cited by media.
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egypt, north africa, gas, economic growth, economy, cairo
egypt, north africa, gas, economic growth, economy, cairo
Egypt to Drill 35 New Gas Wells
Samantha Arias
Producer / Podcast host
Egypt has been discovering natural gas fields for over 50 years. The Zohr reserve, encountered in 2015, is considered to be the Mediterranean's largest natural gas supply and one of the largest natural gas discoveries worldwide, according to the Ministry of Petrolum & Mineral Sources.
Egypt plans to drill 35 new natural gas wells over the next two years, according to Minister of Petroleum and Mineral Resources Tarek El-Molla.
According to him, these
projects must be carried out during the 2023/24 and 2024/25 financial years. An investment of $1.5 billion is earmarked for the objectives.
The minister also shared that in the 2022/23 financial year, a total of 10 wells were drilled. In recent years,
Egypt managed to increase its production of blue fuel. In addition, since 2018, the country has refused to import gas. On several occasions, Cairo mentioned its intention to become a regional center for natural gas trading.
Last September, Minister Tariq El Mulla announced that his country intended to export 8.5 to 10 billion dollars of gas in the 2022-2023 financial year.
Oil and natural gas constitute 93% of Egypt's primary energy resources. The country's production of these natural resources covers around 75% of domestic consumption, stated the minister as cited by media.
