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Beer and Harbor Energy fund $150M gas well in Egypt
BP and Harbour Energy plan to invest approximately $150 million to drill a new exploration well in the Ghubrah field in the Mediterranean Sea off Egypt. This move aims to confirm the current natural gas reserves estimated at around 975 billion cubic feet. This step is part of Egypt's efforts to increase domestic gas production to 6.6 billion cubic feet per day by 2030 and to evaluate new reserves in the region, as the government seeks to attract foreign investments worth $6.2 billion during the 2026-2027 fiscal year.
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