Claudio Descalzi, CEO of Italian energy company Eni, said his organization will invest $7.7 billion in Egypt over the next 4 years.
Ahmed Fahmy, Egypt’s presidential spokesperson, issued a statement saying Cairo aspires to achieve optimum utilization of energy resources and “to consolidate the successes achieved in this regard during the past few years.”
Egypt achieved self-sufficiency in natural gas in 2018, and resumed exports backed by the discovery of the Zohr field in the eastern Mediterranean, estimated to provide around 40% of Egypt’s total gas production.
This discovery has been attracting investors and increased the number of fields discovered, transforming Egypt from an LNG importer to a natural gas exporter.
Egypt’s natural gas production currently stands at about 65 billion cubic meters, official data shows.
Egypt plans to invest $1.5 billion into drilling 35 natural gas (LNG) wells by 2025.
Drilling 10 wells between July 2022 and June 2023 ended in discovering the Nargis Offshore Area Concession adding 2.5 trillion cubic feet of reserves.
Plans are to drill 25 wells in the Zohr Field area to increase the field capacity, which reached 2.2 billion cubic meters per day.
Egypt intends to produce around 8 million tons of LNG in 2023, from 7.5 million tons last year
Read: Suez oil discovery, exploration, part of the drill for Egypt
British Petroleum (BP) announced it was investing $3.5 bn into gas exploration in Egypt over the next 3 years, as well.
BP has been operating in Egypt for 60 years and produces nearly 60% of the country’s gas through a joint venture with the Pharaonic Petroleum Company and Petrobel in the eastern Nile Delta.
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