Egypt seeks to increase its natural gas production by about 30% to 6 billion cubic feet per day by the end of 2025, compared to 4.6 billion cubic feet per day currently, as a government official revealed to Al-Sharq.
This increase comes in conjunction with the government's pledge to pay foreign oil companies' arrears before the end of the current fiscal year, which will contribute to motivating companies to intensify drilling operations and develop natural gas fields. Egypt's daily needs of natural gas amount to 6.2 billion cubic feet per day.
The official, who requested anonymity because the information is not public, added to Al-Sharq that his country “has a group of fields with good reserves, and we look forward to putting them early on the production map.”
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, from the first well, “West Raven-4” in the Raven field in the Mediterranean, before the end of this October. Meanwhile, the Italian company Eni is implementing a new plan early next year to increase the production of the giant Zohr field in the Mediterranean to approximately two billion cubic feet per day.
Egypt is working to increase its gas production by drilling new wells, amid the natural shortage of supplies from its existing gas fields and the rise in domestic consumption, which has had negative repercussions on meeting the needs of the local market and exporting abroad.
With the noticeable decline in Egypt's production of natural gas, the country turned again to importing liquefied gas, after stopping doing so since 2018, with the support of new gas discoveries at the time, led by the Zohr field.
Last September, the Egyptian government paid $1.2 billion in late dues to foreign oil companies, amounting to $3.2 billion, instead of this October, to encourage companies to accelerate gas exploration and production operations.
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