- With access to the necessary resources, we are well-equipped to carry out excavations and capitalise on these valuable findings.
- Egypt’s natural gas exports reached $8.4 billion in 2022, up 171 per cent from a year earlier, as an energy crisis in Europe drove up demand for the fuel.
Egypt’s energy sector expects to attract $8 billion in foreign investment in the coming fiscal year as the country looks to boost its natural gas production. The investments will be allocated to developmental and operational activities in the oil and gas sector, Tarek El Molla, the country’s petroleum and mineral resources minister, told reporters on Thursday’s side of the Opec Seminar.
Egypt’s natural gas exports reached $8.4 billion in 2022, up 171 per cent from a year earlier, as an energy crisis in Europe drove up demand for the fuel. According to Mr El Molla, “While the bidding processes are still underway, we have identified areas where we can assess the level of commitment from the companies.” In December, Egypt discovered a large gas field off its northeastern Mediterranean coastline, with potential reserves of 3.5 trillion cubic feet of gas.
The find was in Nargis, one of four offshore exploration blocks in which US oil company Chevron and Egypt’s Tharwa Petroleum Co hold operating interests. “Being involved in the discovery, especially in offshore areas such as the Mediterranean Sea and the Red Sea, presents significant opportunities,” Mr El Molla said. He added, “With access to the necessary resources, we are well-equipped to carry out excavations and capitalise on these valuable findings.”