Egypt Celebrates New Oil Discovery as Minister Outlines Expansion Plans
Egypt’s petroleum sector has received a boost with the successful drilling of the North Lotus exploration well in the Western Desert, drilled with investments from Italian company Eni through the Agiba Petroleum Company joint venture. Minister of Petroleum and Mineral Resources Karim Badawi announced the discovery during a meeting with Prime Minister Mostafa Madbouly.
The North Lotus Deep-1 well is expected to add approximately 1,835 barrels of crude oil per day and 7 million cubic feet of natural gas daily, equivalent to 3,100 barrels of oil equivalent. Badawi emphasized that the discovery will create opportunities for expanding exploration activities and attracting additional investment to the promising Western Desert region.
During the high-level meeting, Badawi reviewed expansion plans for various exploration and discovery activities while highlighting efforts to attract more international companies to invest in Egypt’s oil and gas sector. He stressed that all available opportunities and potential in Egypt’s hydrocarbon fields are being maximized, pointing to recent developments in international company activities within the country.
The minister also discussed initiatives to enhance monitoring of petroleum product distribution in the domestic market, reviewing results from EGPC’s specialized central committee that conducts intensive field inspections of petroleum products across the country.
Source: egyptoil-gas.com
