Dr. Mostafa Madbouly, the Chairman of the Council of Ministers, announced that the Egyptian government is actively proposing new investment areas for oil and gas exploration, which are divided into squares. Companies will sign contracts with the state to begin research on the potential gas or oil reserves in these designated areas.
During a press conference following the weekly government meeting, Madbouly emphasized that this initiative is part of Egypt's broader strategy to discover more natural resources, achieve self-sufficiency, and boost local production of gas and oil. He stated, "Based on the results of the studies that the companies are conducting, an initial assessment will be made of the possibility of finding oil or natural gas in the areas where exploration is taking place."
Additionally, the government is planning to establish specialized industrial zones in Al-Ghazala and Al-Nusij, further developing the country's industrial capabilities.
Madbouly explained that companies involved in exploration are currently preparing preliminary studies to assess the feasibility of discovering oil or gas in the targeted regions. These studies are crucial for determining the economic viability of the areas being researched. Importantly, he noted that the operations do not imply that companies are withdrawing from Egypt; rather, they are part of their activities in other regions where they are already operating and producing effectively.
He highlighted the successful discovery of the Zohr field as a prime example of the potential that careful exploration can yield. "In the discovery of the Zohr field, there was a company before Eni that conducted studies and said the area did not have any resources, and then Eni came and announced the largest discovery in Egypt," Madbouly remarked. This narrative underscores the importance of continuous research and thorough studies in accurately determining the capabilities of a region.
Furthermore, Madbouly reassured that companies engaged in gas and oil research and exploration in Egypt are actively working in various locations, striving to uncover new reserves. These companies play a vital role in advancing Egypt's economic development and increasing its reserves of natural resources.
These initiatives are part of the ongoing efforts by the government to enhance the energy sector in the country, aiming to increase production of gas and oil to meet local market demands and improve competitiveness on a global scale. With the continued expansion of exploration and drilling operations, it is anticipated that Egypt will experience more discoveries that will significantly contribute to economic growth.
In summary, the government’s proactive approach to oil and gas exploration not only aims to bolster domestic production but also positions Egypt as a competitive player in the global energy market. As exploration efforts continue, the potential for new discoveries remains high, promising a brighter economic future for the nation.
