Egypt achieves 53 oil & gas discoveries in 2022 - ZAWYA

December 29, 2022

Egypt has witnessed a spike in its energy reserves in 2022, with 53 new oil and gas discoveries, according to the Ministry of Petroleum and Mineral Resources’ 2022 Achievements Report.

The new discoveries include 42 oil wells and 11 gas wells in the Western Desert, the Suez Gulf, the Mediterranean Sea, and Nile Delta.

The latest gas discovery in the Nargis block occurred in December. Reuters estimated the discovery to have 3.5 trillion cubic feet of natural gas reserves.

Meanwhile, the Minister of Petroleum and Mineral Resources, Tarek El-Molla, stated earlier this month that the volume of Nargis gas discovery was still under assessment.

The Egyptian Natural Gas Holding Company (EGAS) launched an international bid round for oil exploration and exploitation for 12 blocks in the Mediterranean Sea and Nile Delta.

On December 22nd, Minister of Petroleum and Mineral Resources, Tarek El-Molla, stated that Egypt was set to invest a total of $2.1 billion in oil and natural gas exploration plans until 2025.

UPDATE 1-Egypt discovers large gas field in Mediterranean, minister says - REUTERS

CAIRO, Dec 15 (Reuters) - Egypt has discovered a large gas field in the Nargis block in the eastern Mediterranean, Petroleum Minister Tarek El Molla said on Thursday.

Evaluation is still ongoing to determine the field’s reserves, he said in a briefing to a parliamentary committee.

Nargis is one of four offshore exploration blocks in which Chevron holds operating interests in Egypt along with Tharwa Petroleum Co, according to Chevron’s website.

The Middle East Economic Survey reported this month that the size of the new well was 3.5 trillion cubic feet of gas.

Egyptian officials have declined to confirm details of the find.

The find could provide a boost to Egypt’s efforts to position itself as an energy hub in the eastern Mediterranean following the 2015 announcement of the discovery by Eni of the giant Zohr gas field.