Arab Finance: The British company (BP) intends to increase gas production in Egypt by about 200 million cubic feet of gas per day, and 8 thousand barrels of condensate per day from the first well, “West Raven-4” in the Raven field in the Mediterranean next October, according to what was reported by Eqtisad Al-Sharq.
The company is investing more than 400 million cubic feet by drilling two wells during the current fiscal year 2024-2025, with the first well entering production next October with a production volume estimated at about 200 million cubic feet per day, and production operations in the other well begin next February with a daily volume estimated at about 200 cubic feet. also.
This comes after an agreement with Karim Badawy, Minister of Petroleum, to accelerate the drilling of the two wells in the Raven field and link them to production, in exchange for the Egyptian government’s commitment to pay BP’s dues according to the agreed upon schedule.
It is worth noting that Egypt's daily needs for natural gas are 6.2 billion cubic feet per day, while its daily production is about 4.6 billion cubic feet. The government aims to increase natural gas production by the end of this year to about 5 billion cubic feet per day.
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