Egypt Plans to Drill 45 LNG Wells in Mediterranean, Delta at Cost of $1.9 Bln

The Egyptian Minister of Petroleum Tarek El Molla said that a plan is being implemented to drill 45 wells for natural gas in the Mediterranean Sea and the Delta with investments of about $1.9 billion.

This came during a meeting with Prime Minister Mostafa Madbouly, Tuesday, at the government headquarters in the new city of El Alamein.

The Minister of Petroleum  affirmed that the ministry's strategy is working to accelerate the development of the discovered wells and put them on the production map as soon as possible, with the need to rationalize consumption, improve energy efficiency, and speed the transition to new and renewable energy.

The 45 wells include the drilling of 10 wells that were completed during the fiscal year ending 2022/23, which resulted in a number of discoveries, the most important of which was the discovery of Narges in the Mediterranean with reserves of about 2.5 trillion cubic feet of gas.

He added that the well-drilling plan includes drilling 35 new wells for natural gas, with investments of more than $1.5 billion, during the fiscal years (2023/24) and (2024/25), with the aim of increasing production rates and reserves.

El-Molla indicated that the results of the international bidding to search for natural gas in 12 onshore and offshore areas in the Mediterranean and the Delta are being evaluated, after it was closed at the end of July.

The minister reviewed the executive position of the plans to develop the Zohr gas field, which included drilling and completing 20 wells, in addition to 5 additional wells, starting in 2024, to support production rates from the field, which currently amount to about 2.2 billion cubic feet of gas per day.

He pointed to the measures implemented to support the efficiency of the performance of the onshore plant of the field, which is scheduled to be completed in the middle of next year, and includes projects to develop and strengthen the underground electrical network and to increase the capacity of treatment units and install compressor units.