UK’s Terra to explore for oil and gas in Egypt

UK company Terra Petroleum will start exploring for oil and gas in Egypt, making its debut in the country.

Terra has signed an agreement with the Egyptian General Petroleum Corporation, it announced on social media on Monday. 

The companies will drill three wells in the Northwest Maghra area of the Western Desert after carrying out two-dimensional and three-dimensional seismic surveys.

This will entail an initial investment of an estimated $6.5 million.

Egypt has been stepping up efforts to explore for oil and gas in sites that form 10 percent of the country’s area to shore up revenues.

As part of its latest and largest hydrocarbon exploration programme, Egypt will drill 101 oil and gas wells in 2026 following reports of new discoveries by foreign companies operating in the country, including British Petroleum and Italy’s Eni, petroleum and mineral resources Karim Badawi said last week.

The 2026 drilling campaign is part of a $5.7 billion investment plan approved by the government in 2025 for the “spudding” (initial drilling) of 480 wells in the next five years.

The government will provide a stimulating investment environment that contributes to accelerating exploration and production activities and increasing production rates, Badawi said.

Last week, Khalda Petroleum Company discovered gas in the western desert region along with its partner, US-based Apache Corporation, with an expected production of 36 million standard cubic feet per day.

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