CAIRO – 13 October 2024: Egypt plans to increase its natural gas production by approximately 30 percent, targeting 6 billion cubic feet per day by the end of 2025, up from the current 4.6 billion cubic feet per day, a government official told Asharq Bloomberg.
This production increase aligns with the government’s commitment to settle arrears owed to foreign oil companies before the fiscal year ends, encouraging these companies to ramp up drilling activities and accelerate the development of gas fields. Egypt’s daily natural gas consumption currently stands at 6.2 billion cubic feet.
The official noted that Egypt has several promising fields with substantial reserves, and the government aims to bring these fields into production soon to meet growing energy demands.
In September, Minister of Petroleum and Mineral Resources, Karim Badawi, highlighted the country’s progress in strengthening its gas sector and enhancing its appeal to foreign investors.
Yassin Mohamed, Executive Managing Director of the Egyptian Natural Gas Holding Company (EGAS), also announced that Egypt recently signed 11 new agreements with international companies for gas exploration and production.
These agreements represent a minimum investment of $925 million, accompanied by a signing bonus of $30 million.
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