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.