A senior official announced that Egypt intends to invest $1.2 billion in drilling 110 exploratory wells during the 2024–2025 fiscal year in order to improve the nation’s capacity to produce gas and oil.
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, revealed the nation intends to drill 586 exploratory wells for gas and oil with an investment of $7.2 billion until 2030 at a hearing with a parliamentary committee examining the new government’s program.
He mentioned that there are 145 active oil and gas exploration agreements with 40 partners at the moment.
With an output of 29.8 million tonnes as of 2023, Egypt is among the five nations on the African continent with the highest primary energy production and supply, according to Statista.
“To ensure the necessary fuel supplies for power plants, I would like to emphasize that my top priority and the top priority of all sector employees is to continue coordination and cooperation with the Ministry of Electricity and Renewable Energy,” stated Badawi.
“To encourage them to invest more in increasing oil and gas production as quickly as possible, we will coordinate with foreign partners to schedule and settle outstanding dues,” he continued. Our goal is to create mutually beneficial incentive systems that will accelerate exploration efforts and improve production plans.
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