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Egypt Drilling For Gas

FILE - A view ofa representative offshore gas drilling rig in the east Mediterranean. Courtesy Cyprus Public Information Office via Reuters. Taken Nov. 21, 2011.

DUBAI — Egypt has begun a $1.8 billion program to drill natural gas exploration wells in the Mediterranean Sea and Nile Delta, petroleum minister Tarek El Molla told UAE state news agency WAM on Tuesday.

The program is in cooperation with fossil fuel concerns Eni, Chevron, ExxonMobil, Shell, and BP.

The aim is to drill 35 exploration wells within two years, 21 in the current 2023/2024 financial year and 14 in the next year, El Molla told WAM on the sidelines of an OPEC seminar in Vienna.