Egypt opens doors to natural gas exploration in western Mediterranean

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Egypt has authorized five international energy firms to commence exploration ventures in the western Mediterranean, an unnamed insider within Egypt's petroleum sector told Arab World Press (AWP).

These operations are slated to kick off by the end of this year or by early 2025.

Egypt has granted 11 concessions to industry giants BP, ExxonMobil, Total, Chevron, and Shell to embark on drilling activities, targeting between four to five wells brimming with potential reserves, according to the source.

Furthermore, the source revealed that the Abu Dhabi sovereign fund, Mubadala, is set to partake in this endeavor through an indirect agreement with one of the aforementioned conglomerates.

It is anticipated that the western Mediterranean could host one or two fields equivalent in production scale to the renowned Zohr field in the eastern Mediterranean, the source added.

Five companies have already concluded a comprehensive 3D seismic survey spanning over 30,000 square kilometers. This endeavor, amounting to a total expenditure of $115 million, follows the successful negotiation of seven agreements with the participating entities.