Egypt announces a new gas discovery with a capacity of 50 million cubic feet per day
Cairo, May 2, 2017 – The Egyptian Ministry of Petroleum and Mineral Resources announced today the achievement of a new natural gas discovery in the Nile Delta region, with production rates estimated at approximately 50 million cubic feet per day, following the success of drilling the exploratory well (Nidoco N-2) in the concession area, which is operated by the Italian company “Eni” in partnership with the British company “BP”.
Engineer Karim Badawy, the Egyptian Minister of Petroleum and Mineral Resources, announced that the accumulated debt of investment partners in oil and gas production had declined from $6.1 billion in June 2024 to about $714 million by the end of April 2026, in preparation for its full settlement and bringing it to zero dues by the end of next month.
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