ALBAWABA - Egypt announced planning a new step up to explore oil and gas in the near future. The Egyptian government is working towards increasing its fuel resources to meet the constant high needs in the electrical industry.
Karim Badawi, Minister of Petroleum and Mineral Resources, revealed the new government’s plan on Sunday 14th of July in a statement before the parliamentary committee.
Egypt's new plan for exploring oil and gas
Badawi stressed the government’s efforts towards removing obstacles facing foreign investors and implementing new policies regarding paying part of the dues of companies operating in the Egyptian oil sector during the next few years.
Egypt to drill new oil and gas wells and create more investment opportunities (Shutterstock)
It is important to note that Egypt has now 145 commitment agreements in the fields of oil and gas research and exploration with 40 partners. Egypt plans to drill 110 exploratory wells for gas and oil with a total investment of $1.2 billion during 2024 and 2025. Another 586 exploratory wells are mentioned on the plan with a total investment of $7.2 billion until the year 2030.
The Egyptian Minister of Petroleum and Mineral Resources pointed out the challenges Egypt is constantly facing while exploring for oil and gas. Among these challenges: the regional competition, investment opportunities, and the slow processes of implementation.
Egypt is planning to set new incentives for current and future opportunities, prepare a global marketing plan to attract new investment opportunities and launch international bids through Egypt's Exploration and Production Portal.
The Ministry of Petroleum and Mineral Resources is working effortlessly towards increasing Egypt's exports of petroleum commodities from refining and petrochemical projects, reducing the trade deficit, and bringing the value of exports to $8.6 billion.
