Egyptian Petroleum Minister Tarek El Molla said that his ministry is working to accelerate the development of the realized discoveries and put them on the production map as soon as possible.
According to the Egyptian government’s statement, this came during his meeting with Prime Minister Mostafa Madbouly, on Tuesday.
During the meeting, the Minister of Petroleum and Mineral Resources reviewed the development and exploration activities.
He explained that a plan is being implemented to drill 45 natural gas wells in the Mediterranean Sea and the Delta with investments of about $ 1.9 billion, including drilling 10 wells that were completed during the fiscal year ending 2022/2023, which resulted in a number of discoveries, the most important of which is the discovery of Nargis in the Mediterranean Sea with reserves of about 2.5 trillion cubic feet of gas.
He added that the plan to drill wells includes during the fiscal years (2023/2024) and (2024/2025) the drilling of 35 new natural gas wells with investments of more than $ 1.5 billion with the aim of increasing production rates and reserves.
Source: Sputnik
