Egypt Uncovers New Gas Well Adding 15 Billion Cubic Feet to Reserves

Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, announced the discovery of a new natural gas well that is projected to increase the country's gas reserves by approximately 15 billion cubic feet.

According to a statement released by the ministry on Sunday, the well was found in the Badr 15 area of the Western Desert. Production is scheduled to commence by the end of the current month, with an expected daily output of 15 million cubic feet of gas, alongside 500 barrels of petroleum condensates.

The minister highlighted that this discovery is part of an expansion in the application of horizontal drilling and hydraulic fracturing techniques. These methods are considered fundamental to doubling production and maximizing the utilization of petroleum reservoirs. He noted that the ministry's five-year plan aims to double crude oil production through unconventional solutions and advanced global technologies.

Badawi also pointed out the ministry's success in fully settling dues owed to foreign partners and maintaining regular monthly payments. Coupled with attractive investment incentives, this has fostered a robust and encouraging environment for companies to expand the use of these technologies, which have proven effective worldwide in increasing production rates.

The minister emphasized that expanding the use of modern technology and creating an appealing investment climate are key pillars for achieving the ministry's goals of boosting production and optimizing the benefits from petroleum resources. These efforts support the national economy and strengthen Egypt's energy security.

Egypt is actively working to raise domestic oil and gas production to keep pace with increased summer consumption and to reduce the foreign currency expenditure on imports.