USD 1.8 Billion Allocated to Natural Gas Exploration

The Egyptian government is planning to invest USD 1.8 billion to conduct natural gas exploration in the Nile Delta and the Mediterranean Sea, according to the Ministry of Petroleum and Mineral Resources.

The program will be implemented in collaboration with major energy companies such as Eni, Chevron, ExxonMobil, Shell, and BP, with a target of 35 exploration wells over the next two years. In the 2023/2024 financial year, 21 wells will be drilled, followed by another 14 in the subsequent year.