The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, revealed the ministry’s plans to expand gas and oil production by signing 145 exploration agreements with 40 partners in Egyptian territories.

During a session of the Parliament’s Energy Committee, the minister confirmed the ministry’s plan to drill 110 exploratory wells at $1.2 billion during the period from 2024 to 2025 and 586 exploratory wells at $7.2 billion until 2030.

The minister pointed to the increase in Egypt’s exports of petroleum products to $8.6 billion and gold production, which reached 559,000 ounces in the period from 2023 to 2024, aiming to reach 800,000 ounces by 2030.

El Molla emphasized the ministry’s plans to increase the production of mineral ores from 17 million tons to 30 million tons by 2030 and to work on reducing carbon emissions by 2.5 million tons annually, with an investment cost of $2 billion.