Majors target $1.8 billion, 35-well exploration binge in global gas hot-spot

Thirty-five exploration wells costing $1.8 billion will be drilled by supermajors in Egypt over the next two years as the country doubles down on ambitions to become a key supplier of gas to Europe and provide energy to its domestic market where demand continues to grow.

When Russian gas exports to Europe began to dwindle after the invasion of Ukraine last year, the European Union began to pay close attention to the East Mediterranean as an alternative source of supplies, with Brussels keen to develop closer relationships, in particular, with gas-rich Egypt, a nation that also has significant green hydrogen potential.