Egypt has announced the discovery of three new oil and gas deposits in the Western Desert and the Gulf of Suez and unveiled a $10mn plan to boost production, including installing a 23-kilometre pipeline and drilling additional wells, Al Ahram reported on May 14. 

Multiple new oil and gas discoveries have been announced across different regions, including the Western Desert, the Mediterranean Sea, and the Gulf of Suez. Recent discoveries in the Mediterranean are estimated to contain substantial quantities of natural gas, while exploration in the Western Desert has yielded promising results for crude oil and condensates.

Khalda Petroleum (KPC), Petrobel, and GUPCO made the discoveries. KPC discovered gas at the South NUT-1 well in the Western Desert, with 12.5mn barrels of oil equivalent estimated in reserves before drilling. The gas is located in the Safa sandstone layer of the Paleozoic formation. Pressure tests are ongoing. KPC's expansion plan expects daily gas production of 30mn cubic feet.

Petrobel announced a discovery in the Gulf of Suez, with a recovery rate of 2,660 barrels per day from the West Ferran-2 appraisal well. Earlier, oil was discovered through the GS327-A15 exploratory well in the Gulf of Suez, recovering 720 barrels per day. Reserve evaluations are still ongoing for both the Petrobel and GUPCO wells.

Egypt's oil and gas sector has gained momentum in recent months, thanks to discoveries, increased foreign investments, and ambitious government policies to turn the country into a regional energy hub. Major international companies such as BP, TotalEnergies, and Shell continue investing in Egypt. New exploration agreements signed in 2024 amounted to over $2bn.