Egypt achieves 53 oil & gas discoveries in 2022
Egypt has witnessed a spike in its energy reserves in 2022, with 53 new oil and gas discoveries, according to the Ministry of Petroleum and Mineral Resources’ 2022 Achievements Report.
The new discoveries include 42 oil wells and 11 gas wells in the Western Desert, the Suez Gulf, the Mediterranean Sea, and Nile Delta.
The latest gas discovery in the Nargis block occurred in December. Reuters estimated the discovery to have 3.5 trillion cubic feet of natural gas reserves.
Meanwhile, the Minister of Petroleum and Mineral Resources, Tarek El-Molla, stated earlier this month that the volume of Nargis gas discovery was still under assessment.
The Egyptian Natural Gas Holding Company (EGAS) launched an international bid round for oil exploration and exploitation for 12 blocks in the Mediterranean Sea and Nile Delta.
On December 22nd, Minister of Petroleum and Mineral Resources, Tarek El-Molla, stated that Egypt was set to invest a total of $2.1 billion in oil and natural gas exploration plans until 2025.
Source: Arab Finance