5 days ago
Egypt to boost gas production after years of decline, says PM Madbouly
Egypt's gas production is expected to reach 6.6-billion cubic feet per day by 2027, Prime Minister Mostafa Madbouly said on Wednesday.
Egypt's natural gas production began declining in 2022, forcing it to become a net gas importer whether through expensive liquefied natural gas cargoes or through Israeli supplies.
The North African nation's production is currently 4.1-billion cubic feet per day, Madbouly said.
The decline in output over recent years has been driven mainly by a hard currency shortage that limited the government's ability to pay international oil companies.
"Foreign investors and partners have resumed investments as a result of our commitment to pay off the accumulated arrears, so we have clear plans to return to previous production levels [of 6.6-billion cubic feet daily] over the next two years," Madbouly said.
Madbouly said last month that Egypt has paid $1bn (R17.56bn) to international oil companies and it was set to pay another $1.4bn (R24.58bn) before the end of the year.
