https://en.sputniknews.africa/20240716/egypt-plans-to-invest-12-bln-to-drill-110-exploratory-wells-during-fiscal-year-20242025-1067519962.html
Egypt Plans to Invest $1.2 Bln to Drill 110 Exploratory Wells During Fiscal Year 2024/2025
Egypt Plans to Invest $1.2 Bln to Drill 110 Exploratory Wells During Fiscal Year 2024/2025
Sputnik Africa
Egypt is a major player in the global oil and gas industry. It is the third-largest producer of natural gas in Africa and ranks fifth among African countries... 16.07.2024, Sputnik Africa
2024-07-16T13:54+0200
2024-07-16T13:54+0200
2024-07-16T14:28+0200
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Egypt is poised for a major push in oil and gas exploration, with plans to invest $1.2 billion to drill 110 exploratory wells in the current fiscal year 2024/2025, according to Minister of Petroleum and Mineral Resources Karim Badawi.Badawi highlighted the long-term strategy, outlining a $7.2 billion investment to drill 586 exploratory wells by 2030.The ambitious plan, revealed before a parliamentary committee reviewing the new government's program, aims to bolster Egypt's energy independence and secure vital fuel supplies for power generation.Underscoring the crucial role of oil and gas in powering Egypt's economy, the minister explained, "Our top priority is to continue coordination and cooperation with the Ministry of Electricity and Renewable Energy to provide the necessary fuel supplies to operate power stations."The minister also highlighted the government's commitment to promoting a favorable investment climate. This includes coordinating with foreign partners to schedule and pay off overdue payments, encouraging them to make more investments, and accelerating oil and gas production.
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egypt, oil, gas, minerals, north africa, investment, foreign direct investment (fdi), economy
egypt, oil, gas, minerals, north africa, investment, foreign direct investment (fdi), economy
Egypt Plans to Invest $1.2 Bln to Drill 110 Exploratory Wells During Fiscal Year 2024/2025
13:54 16.07.2024 (Updated: 14:28 16.07.2024) Muhammad Nooh Osman
Writer/Editor
Egypt is a major player in the global oil and gas industry. It is the third-largest producer of natural gas in Africa and ranks fifth among African countries in terms of crude oil production, contributing approximately 559,000 barrels per day to the continent's oil production.
Egypt is poised for a major push in oil and gas exploration, with plans to invest $1.2 billion to drill 110 exploratory wells in the current fiscal year 2024/2025, according to Minister of Petroleum and Mineral Resources Karim Badawi.
Badawi highlighted the long-term strategy, outlining a
$7.2 billion investment to drill 586 exploratory wells by 2030.
The ambitious plan, revealed before a parliamentary committee reviewing the new government's program, aims to bolster Egypt's energy independence and secure vital fuel supplies for power generation.
"We are also launching international bids through the Egypt Exploration and Production Gateway, which focuses on making data on new areas of exploration available digitally to partners throughout the year," he emphasized.
Underscoring the crucial role of oil and gas in powering Egypt's economy, the minister explained, "Our top priority is to continue
coordination and cooperation with the Ministry of Electricity and Renewable Energy to provide the necessary fuel supplies to operate power stations."
The minister also highlighted the government's commitment to promoting a favorable investment climate. This includes coordinating with foreign partners to schedule and pay off overdue payments, encouraging them to make
more investments, and accelerating oil and gas production.
"Because climate action and energy transition have become essential to Egypt’s sustainable development strategy, the ministry strives to take due consideration of the environmental aspects of its activities," Badawi noted.
