The American company Exxon Mobil intends to start digging two explosive wells for natural gas in the Cairo concession regions, and an Egyptian in the Mediterranean during the first quarter of 2026, at an initial cost of 240 million dollars, according to a government official who spoke to the east provided that his name is not published.
Egypt established a maternal exploration of Cairo, and an Egyptian on Exxon Mobil in January 2023, and the two regions cover an area of 11,400 square kilometers, in depth between 2000 and 3000 meters.
The official, who spoke with the East, said that the company “will dig two wells in the two regions, at a cost of more than 120 million dollars per well.” He added that the American company is currently working on the last stages of the seizure survey in the two regions, amid strong indications of the presence of reserves of natural gas will be confirmed by its size after the drilling.
Qatar Energy and Axon Mobil signed an agreement last year, according to which the Qatari company acquires a 40% stake in the Cairo and Egyptian regions.
Egypt has provided foreign companies new incentives to increase gas production, which is to allow the export of a specific share of new production, so that their revenues are used to pay the required dues, in addition to raising the price of the share of these companies from the new production of gas.
Egypt's daily gas needs are 6.2 billion cubic feet per day, while its daily production reaches about 4.3 billion cubic feet, and the government aims to increase natural gas production by the end of this year to about 5 billion cubic feet per day.
Related news
