Minister of Petroleum and Mineral Resources Tarek El Molla stated that Egypt together with all its global partners will develop 30 offshore discovery wells over the coming two years.

El Molla said in an interview with CNBC that “it will take more than $1.5 billion investments and commitment from our partners Shell, Eni, bp, Chevron, and ExxonMobil. So, this is very important for our Egyptian oil and gas resources.”

“We have in Egypt a long history for oil and gas industry, we have been doing this for more than 100 years. And for our gas discoveries, we have been growing over the past years really in a higher rate,” the minister noted, pointing out the recent Nargis discovery, which the government urges its operator Chevron and non-operator partner Eni “to develop it on a fast-track mode.”