Egypt launches $1.8 billion gas exploration program – minister

Egypt’s Petroleum Minister Tarak El Molla speaking to UAE state news agency WAM on Tuesday announced that the country has started a $1.8 billion programme to drill natural gas exploration wells in the Mediterranean Sea and Nile Delta.

Eni (ENI.MI), Chevron (CVX.N), ExxonMobil (XOM.N), Shell (SHEL.L), and BP (BP.L) are reportedly collaborating in the program.

The minister underlined that the objective is to conduct drilling for 35 exploration wells over the course of two years. This includes 21 wells to be drilled in the current 2023/2024 financial year and 14 wells planned for the following year.

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