62 Days
Source:
المصري اليوم
Source: المصري اليوم
62 Daysالمصري اليوم
Source: المصري اليوم
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Egypt has witnessed its largest drilling campaign for oil wells in its history this year, with 101 wells being drilled consecutively. Prime Minister Mustafa Madbouly clarified that announcing new discoveries of gas or oil does not mean they will go into production immediately, as the production process typically requires a period ranging from 3 to 18 months, depending on the type of discovery. There is also a difference between onshore and offshore discoveries in terms of complexity and costs. He indicated that offshore drilling operations require more advanced technology and higher expenses, with some depths reaching up to 6 kilometers beneath the water's surface. In contrast, onshore wells can come into production in about three months in certain cases. He confirmed that the decline in payments owed to foreign companies has led to a slowdown in exploration activities, emphasizing the importance of continuing investments in the sector to achieve targeted levels of availability and production.
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