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HomeAfrica"BP Kicks Off Exciting Gas Exploration in Egypt: Production Set to Launch...

“BP Kicks Off Exciting Gas Exploration in Egypt: Production Set to Launch This February!”

Egypt Moves Forward in Gas Production with New Drilling Ventures

Published on Mon, 13 Jan 2025 | 01:19 AM by Africazine

In a significant step for its energy sector, Egypt has announced the completion of drilling two crucial wells in the Raven gas field located in the Mediterranean Sea. This exciting development was confirmed by the Egyptian Ministry of Petroleum and Mineral Resources, highlighting the nation’s commitment to bolster its natural gas production capabilities.

Egyptian Petroleum Minister Karim Badawi has been proactive in his discussions with BP, the British oil and gas giant, to accelerate the drilling process. In a collaborative effort, the Egyptian government has agreed to pay BP’s dues in a timely manner, thereby facilitating smooth operations and production connections from these new wells.

Looking ahead, BP plans to commence drilling two additional natural gas wells in the West Delta region as early as next month, with a hefty investment of 0 million. This forward momentum comes as part of Egypt’s broader strategy to enhance gas production and diversify its energy resources.

One of the key incentives being offered by the Egyptian government to foreign companies is the ability to export a portion of the newly produced gas. This initiative is designed to generate revenues that can be used to address the dues owed to these international investors. Furthermore, the pricing structure for new gas production has also been improved to ensure profitability and sustainability for all parties involved.

At present, Egypt’s gas consumption stands at around 6.2 billion cubic feet per day, with local production lagging at approximately 4.6 billion cubic feet. The ambitious goal set by the government is to ramp up production to about 5 billion cubic feet daily by the end of this year—a clear indication of Egypt’s forward-thinking approach to energy management and development.

The “Volaris DS 12” vessel, which has been operational since July of last year, is spearheading the drilling initiatives. Following this, marine installation works are currently in progress to connect the wells with existing production networks throughout the Mediterranean region.

In an even broader context, Egypt’s marine territories are booming with activities, as companies like Chevron, ExxonMobil, and Eni are actively engaged in drilling projects. With these collective efforts, the country is poised to meet its growing energy demands and strengthen its position as a key player in the Mediterranean gas market.

Gas production from the new wells is expected to commence by February—a remarkable three months ahead of schedule—thanks to focused efforts in drilling and installation operations. This rapid advancement underscores Egypt’s dedication to securing its energy future while fostering international cooperation in one of the world’s most vital sectors.

Stay tuned for more updates on Egypt’s evolving energy landscape and its impact on the regional and global markets.

#Egypt #GasProduction #EnergySector #WorldNews #BusinessNews