{"id":589549,"date":"2023-07-05T00:00:00","date_gmt":"2023-07-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/05\/oil-majors-to-invest-usd-1-8-bn-here-by-2025-in-search-for-gas\/"},"modified":"2023-07-05T00:00:00","modified_gmt":"2023-07-05T00:00:00","slug":"oil-majors-to-invest-usd-1-8-bn-here-by-2025-in-search-for-gas","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/05\/oil-majors-to-invest-usd-1-8-bn-here-by-2025-in-search-for-gas\/","title":{"rendered":"Oil majors to invest USD 1.8 bn here by 2025 in search for gas"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Oil majors are investing USD 1.8 bn in gas exploration here: <\/span><span style=\"\">Multinational energy <\/span><span>firms Eni, Chevron, ExxonMobil, Shell, and BP will spend a combined USD 1.8 bn to drill 35 gas exploration wells in the Mediterranean and Nile Delta over the next two years,<\/span><span> Oil Minister Tarek El Molla is quoted as telling Emirati <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/wam.ae\/ar\/details\/1395303174326\" style=\"\">news agency WAM<\/a><\/span><span style=\"font-weight:400;\"> on the sidelines of the OPEC+ meetings in Vienna yesterday. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We don\u2019t have the details yet: <\/span><span style=\"font-weight:400;\">The companies will drill 21 wells during the current 2023-2024 fiscal year and another 14 next fiscal year, El Molla is quoted as saying. He didn\u2019t clarify whether they would be drilling at their existing concessions or if the plans include wells set to be drilled in new exploration areas. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">New blocks are up for grabs:<\/span>&nbsp;EGAS' ongoing bid round for 12 exploration blocks in the Mediterranean and Nile Delta&nbsp;<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40e1c661-f9fb-43fa-9f17-4a3b55368ef6\" target=\"_blank\" rel=\"noopener\">will close on 15 July<\/a>. The tender is the first of three the government plans to run this year, El Molla said in March, adding that the state had formed an \u201cambitious\u201d plan\u201d to drill over 300 exploration wells with international partners by 2025. A month earlier, he said <span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/093d7eb2-1945-4055-b76c-b6543e8668f7\" style=\"\">he expected to see<\/a><\/span><span style=\"font-weight:400;\"> some USD 8 bn in investments in oil and gas exploration in 2023 alone. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">All of these players have already said they\u2019re keen to invest: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">Italian energy giant Eni <\/span><span>holds a 50% stake in the Damietta LNG plant and produces around 60% of the country\u2019s gas. Earlier this year it said<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a961e0b1-0f40-4d21-b34c-c7821e996d47\" style=\"\">it had made a \u201csignificant\u201d gas discovery<\/a><\/span><span> in the Eastern Mediterranean in cooperation with Chevron. Eni will <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a16e0275-994f-4318-8b49-db49b2575af3\" style=\"\">soon start drilling<\/a><\/span><span style=\"font-weight:400;\"> an exploration well at its Mediterranean North East Hap\u2019y concession. <\/span><\/li>\n<li><span style=\"font-weight:700\">Chevron<\/span><span> is looking to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a16e0275-994f-4318-8b49-db49b2575af3\" style=\"\">expand its exploration operations<\/a><\/span><span> in Egypt after stepping up its presence in the EastMed hydrocarbon sector, purchasing a 40% stake in Israel\u2019s Leviathan field and 25% of Tamar in recent years. It\u2019s also investing to exploit Cyprus\u2019 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b0e72cc-581a-4cd8-8159-75d9b8d2990e\" style=\"\">Aphrodite field<\/a><\/span><span style=\"font-weight:400;\"> with its partners Shell and Israel\u2019s NewMed Energy, with plans to export much of that gas to Egypt for liquefaction. <\/span><\/li>\n<li><span style=\"font-weight:700\">BP <\/span><span>produces a s<\/span><span>ignificant chunk of our total<\/span><span> gas supply and was awarded two more <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6811ea1f-39c6-4815-8176-3d452b185be0\" style=\"\">Mediterranean concessions<\/a><\/span><span style=\"font-weight:400;\"> late last year. <\/span><\/li>\n<li><span style=\"font-weight:700\">ExxonMobil<\/span><span> has a long history of exploration here and earlier this year <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ffcdefa4-4665-48e4-a2e5-a2b247ccd572\" style=\"\">acquired two offshore blocks<\/a><\/span><span style=\"font-weight:400;\"> in the Nile Delta.<\/span><\/li>\n<li><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/093d7eb2-1945-4055-b76c-b6543e8668f7\" style=\"\">Shell<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/093d7eb2-1945-4055-b76c-b6543e8668f7\" style=\"\">has said<\/a><\/span><span style=\"font-weight:400;\"> it wants to boost its operations in Egypt. <\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER-<\/span><span> The Madbouly government <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d033de5-c20a-4e94-946f-6bf3215007b0\" style=\"\">is targeting oil and gas exports<\/a><\/span><span style=\"font-weight:400;\"> of USD 21 bn for the year, up 15% from USD 18.2 bn in 2022. The state is targeting another c.15% increase in 2024 to USD 24 bn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More gas = more hard currency<\/span><span style=\"font-weight:700\">:<\/span><span> The government has sought to maximize gas proceeds to alleviate the FX crunch triggered by the war in Ukraine, and last year began rationing domestic consumption in order to increase exports.&nbsp;<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><i>Correction: 5 July 2023&nbsp;<\/i><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><i>A previous version of this article incorrectly stated that EGAS' ongoing&nbsp; bid round closed last month.<\/i><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chevron, Eni, ExxonMobil, Shell, and BP will drill a total of 35 wells by 2025<\/p>\n","protected":false},"author":1,"featured_media":589550,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[196,780,93,197,72,778,125,91,371,594,195],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-bp","tag-chevron","tag-energy","tag-eni","tag-enterpriseam","tag-exxonmobil","tag-investment-watch","tag-oil-and-gas","tag-oil-ministry","tag-shell","tag-tarek-el-molla","wpautop","entry"],"acf":{"mongo_id":"ab19572e-0203-404d-bdc9-9a8362b8d21c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/101.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Oil majors to invest USD 1.8 bn by 2025 in search for Egyptian gas","related_issue":[589542],"teaser":"Chevron, Eni, ExxonMobil, Shell, and BP will drill a total of 35 wells by 2025","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.380c9574-4875-47fc-81fc-f1a315a3f2ab.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Oil majors to invest USD 1.8 bn here by 2025 in search for gas - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/05\/oil-majors-to-invest-usd-1-8-bn-here-by-2025-in-search-for-gas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil majors to invest 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