Skip to content Skip to Search
Skip navigation

Egypt to invest $1.9bn to drill 45 exploratory gas wells

Egypt gas wells Pixabay
Egypt says international bids to search for gas in 12 onshore and offshore areas are being evaluated

Egypt is planning to drill 45 natural gas exploratory wells in the Mediterranean and the Nile Delta with $1.9 billion in investments until mid-2025, according to minister of petroleum and mineral resources Tarek El Molla.

The drilling of 10 wells was completed between July 2022 and June 2023, which resulted in the massive discovery of about 2.5 trillion cubic feet of natural gas off the Nargis concession in the Mediterranean, Egypt Today newspaper reported, citing the minister.

In addition, the country will drill 35 new natural gas wells in 2024-2025, with more than $1.5 billion in investments.

El Molla declared that the results of international bidding to search for natural gas in 12 onshore and offshore areas in the Mediterranean and the Delta are being evaluated. The bidding round ended in July.

Meanwhile the minister said that British Petroleum (BP) intends to drill four new natural gas exploratory wells during the fourth quarter of 2023.

Two wells will be drilled in the Raven gas and condensate field in the North Alexandria and West Mediterranean, while two others will be drilled in the King Mariout offshore concession in the western Mediterranean.

Earlier this month Egypt’s Cheiron Energy announced a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez.

The discovery was made by the GNN-11 exploration well, which is currently producing more than 2,500 barrels per day.

Ratings agency Fitch last month revised down its forecast for Egypt’s gas production in 2023, to a 4 percent decline from its previous prediction of 1 percent year-on-year growth. The drop was blamed on a thin project pipeline and high depletion rates at existing fields.

Latest articles


Dubai launches one-stop hub to streamline government services

People in Dubai can now obtain an Emirates ID, register a company, open a bank account and more under one roof following the opening of the Emirates Government Services Hub (EGSH). Owned by Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, a member of the Dubai Royal family, EGSH allows clients to access all essential […]

In association with
Thailand's consul general Kitinai Nutakul visits the Saudi Ministry of Foreign Affairs in Jeddah

Thailand opens investment office in Saudi Arabia

Thailand’s Board of Investment (BOI) is opening its first Middle East office in Saudi Arabia, signaling a deepening of economic ties between the nations after a longstanding diplomatic spat. The office will focus on attracting Saudi investment into Thailand’s targeted industries and supporting Thai entrepreneurs looking to invest in the region, the BOI said in […]

hajj saudi arabia

Saudia reports big rise in international passengers

Saudi Arabia’s national carrier Saudia reported a 24 percent increase in international passengers to 9.1 million in the first half of 2024. There was also a 13 percent rise in the number of flights. The Hajj pilgrimage in June played a large part in the growth.  The number of passengers flying on domestic routes rose […]

renewables target dam

World is off track to meet Cop28 renewables goal

The world is far from reaching its 2030 renewables target, the International Renewable Energy Agency (Irena) said on Thursday. Countries committed at the Cop28 summit in Dubai last year to treble renewables capacity in order to limit global warming to 1.5C. To stay on course global capacity growth needs to accelerate to a minimum rate […]