The Egyptian government has announced a new oil discovery in its exclusive economic zone in the Mediterranean Sea, an advance that could reinforce the country’s position as an energy producer in the region. Successful drilling was conducted by the British company BP, in a project that is inserted into the strategy of expanding hydrocarbons in Egypt.
A promising discovery
The announcement was made by Egyptian Prime Minister Mostafa Madbouly during a press conference where he stressed the potential of the new discovery, named King Mariout. Although details about the exact volume of the reservations have not yet been revealed, Madbouly has ensured that official data will be released in later stages of the exploration process.
BP, which already operates on the Egyptian Mediterranean coast, now adds another field to its list of discoveries in the region. The oil company recently completed the drilling of two new wells in the Raven field, located within the concession of the Western Nile Delta (WND), expected to be production in the coming weeks.
Strategic plan and investment in exploration
The discovery in the Mediterranean occurs at a time when Egypt has been reinforcing its investments in the oil sector. The government has established an ambitious plan that provides for the drilling of 586 new wells by 2030, in an attempt to reduce the dependence on energy imports and increase export capacity.
In addition to the BP, other large oil operations are intensifying operations in the Mediterranean region. Exxonmobil recently announced a new gas discovery in the western part of the sea, while Chevron and Eni resumed activities in strategic fields such as ZOHR, one of the largest gas deposits already identified in Egypt.
Geopolitical and Energy Importance
The Mediterranean Sea has been a key point in the exploration of hydrocarbons, with multiple countries to dispute concessions and extraction licenses. For Egypt, as explained by, the new discovery strengthens its role in the regional energy sector, increasing production capacity and consolidating the country’s position as one of the main suppliers of gas and oil in North Africa.
The Egyptian government believes that the region’s geological configuration suggests the existence of more potential reserves, which could lead to new exploratory developments in the coming years. The country’s bet is not only through oil, but also by increasing the exploration of natural gas, at a time when the global energy transition presents itself as a challenge for the sector.
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