Egypt will invest 1 billion US dollars this year in drilling oil and gas wells

Egypt plans to drill 110 exploratory wells for gas and oil. For which he will invest more than 1 billion.20 million US dollars.

According to the Ministry of Petroleum and Mineral Resources of Egypt, this amount will be spent on gas and oil wells in the current financial year 2024/025.
In a meeting with the parliamentary committee to review the program of the new government, Minister Karim Badawi said that 586 exploratory wells for gas and oil will be drilled in Egypt.
Regarding exploration activities, the minister said that there are currently 145 commitment agreements in the oil and gas research and exploration sector and 40 have been completed with partners.
He pointed out that there are challenges in exploration activities. In particular, regional competition that provides investment opportunities and economic incentives as well as slow implementation of research and exploration activities.
Egypt is aiming to become a regional trading hub for oil and liquefied natural gas after major discoveries in the country in recent years. This includes the Johor gas field in the Mediterranean. It contains an estimated 30 billion cubic feet of gas. Agency