gas
The official has affirmed that Egypt will recurrently release bids for gas imports until local production rebounds.
President Sisi commended the company's work in the country over the past three decades.
These upcoming LNG shipments serve as a notable addition to the existing stock of LNG already received by the Egyptian Natural Gas Holding Company (EGAS).
This significant increase in investment and the prospect of drilling new wells were discussed during the Eni delegation’s visit to Egypt.
The company’s funding will be with 40 percent sourced from shareholders and the remaining 60 percent secured through bank loans spread across multiple phases
The prime minister stated that the electricity crisis worsened on Monday because a gas field in one of the neighboring states got out of service for 24 hours.
Minister of Petroleum and Mineral Resources, Tarek El Molla, received on Wednesday Cremers and Dalia El Gabry, President of Shell Egypt, to discuss the company's activities and future plans in Egypt, particularly their intensified operations and well development.
Minister of Finance Mohamed Mait considered subsidizing fuel a "crime."
The aim is to achieve an average daily production of 5.7 billion cubic feet, compared to the current production level of 5.3 billion cubic feet per day in the fiscal year 2023/2024, as reported by Asharq Bloomberg.
That is in tandem with the suspension of gas exports.
Its reserves were estimated at 30 trillion cubic feet, which made it the biggest gas field in the Mediterranean.
Egypt does not own facilities for liquefying natural gas, a process known as liquefaction, having previously operated a floating station in Ain Sokhna for gas imports before 2018. Egypt utilizes gas to fuel power plants as well as for cooling operations.
Agiba is aiming for a daily production rate of approximately 30,000 barrels of crude oil and 119 million cubic feet of natural gas during FY24/25.
Foreign investments in the sector reached $5.6 billion in 2022/2023, compared to $4.7 billion in prior year.
Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that the petroleum sector, in collaboration with its global partners, is working to boost production rates and increase oil and gas reserves.
Drilling activities took place at a water depth of around 250 meters below sea level in the offshore Nile Delta, with primary data confirming the presence of gas-bearing reservoir
Egypt relies on imports of Israeli gas to meet a portion of its domestic demand, as well as for re-export purposes.
He added that Egypt's current gas production rate is approximately 6 billion cubic feet per day, and the stability of these rates by the end of the current fiscal year is subject to companies' commitment to implementing field development and growth operations to achieve production targets.
The Egyptian government highlighted Monday that LE1.2 trillion had been invested in the oil and gas sector between 2014 and 2023.
The Egyptian state continues its major successes and achievements in the gas and oil file, and this comes at a time when Egypt is seeking to increase its reserves of gas, the demand for which has recently grown, in addition to the efforts of many European countries to secure alternative sources away from Russian supplies.
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