Egypt begins $1.8-bln exploration programme

Egypt begins $1.8-bln exploration programme

CAIRO, July 5, 2023 – Egypt has initiated a USD 1.8-billion drilling campaign in the Mediterranean Sea and Nile Delta, Egyptian Minister of Petroleum and Mineral Resources Tarke El Molla announced on Tuesday.

The campaign will consist of drilling 21 wells within the 2023/24 financial year and 14 wells in the 2024/25 financial year.


The government will work in conjunction with energy giants Eni, Chevron, ExxonMobil, Shell and BP on the project.

The minister also mentioned that Egypt was developing the Nargis, Satis, and Nour gasfields in the Mediterranean; the East Damanhour field in the Nile Delta; and the Faramid and Al Abyad fields in the Western Desert.

In the last five years, Egypt has added 1.32 billion boe and 163 bcm (5.75 tcf) of gas to its national reserves.

Read our latest insights on: