Egypt

Egypt implements $2.1bln oil and natural gas explorations in Mediterranean until 2025

Published on : 2022-12-26

Egypt is set to invest a total of $2.1 billion in oil and natural gas exploration plans until 2025, Minister of Petroleum and Mineral Resources Tarek El-Molla said during a meeting with President Abdel Fattah El-Sisi on December 22nd.

The plans take place at the Mediterranean Sea in partnership with major international companies, El-Molla pointed out.

Based on the preliminary findings, the new explorations are expected to result in promising discoveries that would support the national economy, El-Molla added.

For his part, the Presidency Spokesperson Bassam Rady revealed that El-Sisi directed for intensifying exploration efforts on a wider area to achieve optimal economic and development use of Egypt’s resources and maximize its natural gas reserves.

Furthermore, El-Molla demonstrated recent development in the Soda Ash project in New Alamein’s Industrial Zone with total investments of around $500 million.

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