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Egypt is in the process of drilling 35 new natural gas wells in the Mediterranean Sea and Nile Delta through mid-2025, reflecting investments of more than $1.8 billion and led by operators Chevron, Eni, ExxonMobil, Shell and bp. Spearheading an ambitious gas expansion program, the country currently produces around 6.2 billion cubic feet of gas per day – 40% of which comes from the massive Zohr field – and is seeking to become a major regional LNG exporter, particularly to Europe.
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Recent upstream investments from leading IOCs are enabling Egypt to achieve this goal. At the start of 2023, exploration partners Eni and Chevron announced the Nargis-1 gas discovery – estimated to hold 3.5 trillion cubic feet of natural gas – and are looking to fast-track development, with appraisal drilling and a development plan expected later this year. Supermajor bp announced plans last month to invest $1.5 billion in new gas exploration and production activities, along with the formation of a joint venture with Abu Dhabi National Oil Company in Egypt focused on building an international gas portfolio.
Distributed by APO Group on behalf of Energy Capital & Power.
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