In the research and exploration plan until 2030, the petroleum sector aims to drill 110 exploratory gas wells with investments amounting to about 4.8 billion dollars.
Egypt affirms supporting the rights and sovereignty of Cyprus concerning its resources in the Eastern Mediterranean Region, within the framework of international law and the United Nations Convention on the Law of the Sea, the Egyptian foreign ministry sa
Merak-1 well was drilled to a total depth of 3,890 meters and encountered 46 m of sand in the Miocene objective interval but did not encounter commercial hydrocarbons.
On the setbacks of a 2014 bill tackling investment in gold mining, amid a recent bid by the government to amend current legislation.
Egypt will significantly take part in Saudi-Emirati project, the Salwa Canal, as the Saudi-UAE investment alliance seeks to benefit from the Egyptian experience.
The U.S. Interior Department has said it wants to open all U.S. coasts for drilling, including the Atlantic and Pacific.
The company also plans to increase its daily production to 22,500 barrels of oil per day.
Minister of Petroleum Tarek El- Molla said there are massive opportunities for Chinese companies to invest in during the upcoming period.
Before drilling starts, two stations will be built after illegally seized lands.