Egyptian Prime Minister Mostafa Madbouly said in a press conference on Thursday: “Egypt plans to restore oil and gas production to its normal levels starting in 2025 in cooperation with foreign partners.”
Egypt has been aiming to become a regional hub for liquefied natural gas after a series of recent discoveries, such as the giant offshore Zohr gas field, which has estimated reserves of 30 trillion cubic feet of gas.
Madbouly said: “There is a very, very clear plan for the state today on how to restore the volume of oil and natural gas production with foreign partners to the rates that existed previously, and also to raise them during the coming period.”
The government announced in March that it had begun paying dues to foreign companies operating in oil projects in Egypt.
The government said that a plan to pay 20% of the arrears has begun, adding that it will pay the remainder according to a specific timetable.
load shedding
Egypt resorted to load shedding over the summer to keep its power grid running, saying it needed to import about $1.18 billion worth of natural gas and diesel to end long-running power outages.
Egypt produces most of its electricity needs by burning natural gas.
Egypt’s petroleum ministry said in July that gas production had reached 5.7 billion cubic feet per day, according to the official Middle East News Agency.
The ministry signed two agreements with two international companies last July to invest $340 million to boost oil and gas production in the Mediterranean and the Gulf of Suez. (Reuters)