Cairo Agencies:
The Egyptian Ministry of Petroleum said in a statement, on Tuesday, that the international oil company BP intends to drill four new exploration wells for natural gas in Egypt in the last quarter of 2023.
The statement added that the volume of total investments that the company will pump into Egypt with its partners in the field of exploration and development of natural gas resources amounts to about $3.5 billion in the next three years, and is expected to double if it succeeds in making new discoveries.
Egypt, which is facing an increasing demand for gas, witnessed a decline in its production of it by 9 percent on an annual basis between January and May and 12 percent compared to the same period in 2021. Egypt suffers from power outages due to the increase in heat waves, the volume of demand for cooling.
Egypt seeks to become a regional gas supply center, as it sells its gas and re-exports Israeli gas in the form of liquefied natural gas to the Middle East, Africa and Europe.
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