Egypt to boost natural gas production by 5B cubic feet per day by end of 2024

The Egyptian government is focused on boosting Egypt’s natural gas output to approximately 5 billion cubic feet per day by the year’s end, up from the current 4.6 billion cubic feet per day, as disclosed by a government official speaking to Asharq Bloomberg.

 

Karim Badawi, the Minister of Petroleum and Mineral Resources, has struck a deal with international partners in Egypt to expedite the progress of development plans for concession sites.

 

 This move aims to integrate additional wells into the production system in the upcoming months, as per the source.

 

In a statement to Asharq Bloomberg, the government official highlighted Egypt’s collaboration with Eni, an Italian firm, and Apache, an American company, to enhance the country’s gas output and strive for self-sufficiency once more. 

 

Additionally, the government has agreed to settle overdue payments with these partners to incentivize the completion of development projects, fields, and explorations.

 

The collective gas production from these two companies stands at around 2.5 billion cubic feet per day. 

 

At the end of last June, the government disbursed $1.3 billion to foreign oil and gas firms operating in the nation.

 

 As per an International Monetary Fund report from last March, these companies owed approximately $4.5 billion to the Egyptian General Petroleum Corporation.