Plan for USD 1.8 Billion Gas Exploration Project Across Egypt Unveiled

The Ministry of Petroleum and Mineral Resources announced its plan to drill 35 new gas wells worth USD1.8 billion across the Mediterranean Sea, the Nile Delta and the Western Desert by 2025.

The project aims to drill 21 gas wells during the fiscal year 2023-2024, and another 14 in the following year. Major international companies like Eni, Chevron, ExxonMobil, Shell, and BP are expected to be involved in the project.

Over the past five years, Egypt has discovered 284 new fields, comprising 217 oil wells and 67 gas wells, which have greatly boosted production by adding 1.32 billion barrels of oil to the country’s reserves.

However, the Egyptian government has decided to speed up its transition to clean energy in the electricity sector, with a target of having renewable energy account for 42 percent of the country’s energy mix by 2030.

To achieve this goal, Egypt signed an agreement to allocate a plot of land to the Norwegian company Scatec for the establishment of a USD five billion wind power plant in the west of Sohag Governorate in Upper Egypt. The project aims to generate five gigawatts of electricity annually and contribute to the country's renewable energy goals.

As one of the largest oil and gas producers in the region, Egypt's efforts to diversify its energy mix and boost its renewable energy capacity are commendable. The country's push towards clean energy should help reduce its carbon footprint and contribute to global efforts to mitigate climate change.

Furthermore, Egypt's collaboration with major international companies in exploring new oil and gas resources is expected to boost the country's economy and create more job opportunities.