Madbouly inspects offshore rig after major Mediterranean gas discovery

“Egypt’s Prime Minister Mostafa Madbouly inspected the offshore drilling rig Al-Qaher 2 in the Mediterranean Sea following the successful drilling of the Dennis West 1X exploratory well in the Temsah concession area off the coast of Port Said. According to the Ministry of Petroleum and Mineral Resources, the well has yielded a new natural gas discovery estimated at around 2 trillion cubic feet (tcf), alongside approximately 130 million barrels of condensates. Madbouly was accompanied by Karim Badawi, Minister of Petroleum and Mineral Resources, as well as senior officials from the petroleum sector and representatives of Eni, the main investor in the concession, in partnership with BP. During the visit, Madbouly said the government is working to localise advanced technologies to enhance oil and gas production, in cooperation with international partners and service providers. He added that President Abdel Fattah Al-Sisi has directed the development of a comprehensive framework to advance exploration, research, and production activities, with the aim of meeting domestic demand and reducing reliance on imports. He also noted that the government is continuing efforts to settle outstanding dues owed to foreign energy companies, alongside initiatives to attract further investment into the sector. These efforts run in parallel with strengthening infrastructure for liquefied natural gas (LNG) imports and regasification, while boosting domestic production. For his part, Badawi said the Dennis discovery reflects the impact of the ministry’s programme to settle partner dues and introduce new incentives aimed at accelerating investment in the oil and gas sector. He indicated that all outstanding payments are expected to be settled by the end of June, in line with presidential directives, to enhance investor confidence and encourage further exploration and production. Badawi added that the discovery was supported by a revised agreement with partners in the Temsah concession last year, which helped accelerate drilling operations. The find is considered among the most significant in recent years and is expected to support efforts to increase local output and reduce import costs. He also highlighted ongoing cooperation with international partners, pointing to announced investment plans of around $8bn by Eni, $5bn by BP, and $2bn by UAE-based Arcius, in addition to expanded exploration activities by Shell in the Mediterranean and by Apache Corporation in Egypt’s Western Desert. During the tour, Madbouly inspected the rig and its main control room and was briefed on its technical capabilities. The rig is operated by Modern Drilling Company using advanced offshore drilling technologies. He also received a detailed presentation on operations in the Temsah concession from officials at Petrobel, who explained that the well was drilled in water depths of around 98 metres using directional drilling techniques to reach depths exceeding 4,000 metres and access gas-bearing formations. The Prime Minister concluded the visit by meeting workers from Petrobel and Modern Drilling Company, commending their efforts in operating under complex offshore conditions and highlighting their role in supporting Egypt’s drive to boost production and secure new energy discoveries. The post Madbouly inspects offshore rig after major Mediterranean gas discovery first appeared on Dailynewsegypt .

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