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Shell Egypt just struck gold, or should we say gas

Posted by John Donovan: 23 November 2023

Shell’s subsidiary, Shell Egypt, just struck gold, or should we say gas, in the Mediterranean. They’ve been drilling holes in the ocean floor, and voilà, they hit a jackpot of natural gas at the Mina West-1X well. That’s just the first of three wells they’re planning to poke in the Mina West project.

Down in the offshore Nile Delta, about 250 meters under the sea (no mermaids spotted), they found a hefty stash of natural gas. Preliminary poking around suggests this could be a big deal for Egypt’s energy scene and a nice feather in Shell Egypt’s cap.

Khaled Kacem, the big boss of Shell Egypt, is thumping his chest over this discovery. They’re all about growth and playing a major role in Egypt’s energy drama.

Shell Egypt called in Stena Drilling to bring in some fancy drilling toys. It’s all about using the latest gizmos to drill deeper and smarter.

Egypt’s got grand plans to revamp its energy game. In July 2023, Tarek El-Molla, Egypt’s energy czar, unveiled a whopping $1.8 billion scheme to drill 35 new gas wells in the Med by 2025.

The plan is to drill 21 wells in fiscal 2023-2024, and another 14 the next year. Big names like Shell and Chevron are elbow-deep in this ambitious project.

Despite drilling like there’s no tomorrow, Egypt claims it’s committed to finding new oil and gas treasures. In the last five years, they’ve discovered 284 new fields, with a mix of oil and gas wells.

These finds have given a nice bump to Egypt’s oil reserves, adding an estimated 1.32 billion barrels. This boost has helped Egypt strut its stuff in the energy security arena.

So, Shell Egypt’s gas find in the North East El-Amriya block is a big win for them and a hopeful sign for Egypt’s energy ambitions. It could rev up the country’s energy production and economic growth.

Disclaimer: The info here is based on the latest news. Shell, known for its less-than-angelic approach to the environment, and any other named parties can flag any inaccuracies for a quick fix. We aim to keep it accurate, reliable, and cheeky in our coverage of the big, bad oil giant.

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