Egypt's petroleum sector aims to drill 110 exploratory gas wells until 2030

As part of an ongoing commitment to maintaining and increasing its oil and gas production rates, Egypt's petroleum sector is planning an extensive campaign of research, exploration, and development in the lead up to 2030. This state-sponsored initiative aims to drill 110 exploratory gas wells over the coming years, backed by an approximate investment of 4.8 billion dollars. The plan for the years 2023 to 2025 includes drilling 35 wells at a cost of $1.6 billion. These wells are projected to yield gas reserves amounting to about 35.4 trillion cubic feet. In the last year alone, a total of 10 exploratory wells were drilled at a cost of $300 million, adding roughly 2.6 trillion cubic feet of gas. The sector also plans to drill 65 wells between 2026 and 2030, supported by a $2.9 billion investment. Over the past nine years, Egypt's petroleum sector has seen unprecedented growth, with research and exploration areas expanding due to new global bids. The industry is also benefiting from advanced technology and the expansion of seismic survey images, as well as regional agreements with Cyprus, Greece, and Saudi Arabia. Over the past nine years ending on June 2023, 120 petroleum agreements were signed with investment amounts to $22.3 billion, including a minimum of 452 wells drilling, and signature grants amounting to $1.3 billion.