A Muslim nation that is a close friend of India has discovered underground treasure worth billions of dollars. The treasure value has been estimated to be several hundred billion dollars. If the nation extracts its treasure from the earth and sells it, it would earn huge revenues.
The nation is India’s friend, Egypt. Egypt has been facing an economic crisis, and this treasure has given hope to the country that it will overcome its financial troubles and attract foreign investment. This discovery is also expected to boost Egypt’s domestic production and reduce its energy import.
Egypt’s Ministry of Petroleum and Mineral Resources (MoMPR) has declared a new natural gas discovery in the Western Desert. The discovery was made by Badr El-Din Petroleum Company (BAPETCO) in the Badr-15 area through the BED 15-31 well.
As per the ministry, the new well has already been brought online, with an initial production rate of 16 million cubic feet (mcf) of gas and 750 barrels of condensate per day. Located in the Lower Bahariya reservoir, the treasure is expected to add approximately 15 billion cubic feet (bcf) of gas to Egypt’s reserves.
Egypt is conducting a technical reassessment of the reservoir to determine suitable locations for future drilling, and to further increase production, and maximise the utilization of the country’s natural gas resources.
This announcement coincides with the ministry’s broader strategy to attract investment, boost exploration activities, and strengthen Egypt’s position as a regional hub for natural gas production and export.
