gas
The ministry said the new well is scheduled to begin production by the end of the current month, with an initial output of around 15 million cubic feet per day, in addition to 500 barrels per day of condensates.
Speaking at a press conference at the end of a visit to Beheira governorate, where he toured the Idku liquefied natural gas (LNG) plant, Madbouly said Egypt's advanced gas infrastructure had prompted neighboring countries to view it as a regional center for gas exports and trade.
Prime Minister Madbouly reaffirmed the government’s commitment to supporting investment in oil and gas exploration.
Prime Minister Mostafa Madbouly met with Eni officials during an inspection of the Egyptian offshore rig "El Qaher-2" following the successful drilling of the "West Dennis 1X" exploratory well in the Mediterranean’s Temsah concession.
For other industrial activities, gas prices have been fixed at $6.75 per mmBtu.
During the meeting, Chevron’s leadership outlined several key issues, including the status of the Aphrodite gas field project in Cyprus and plans to connect it to Egypt’s infrastructure for gas processing and transportation.
The document explains that the plan aims to stimulate private investment by developing bidding systems, simplifying procedures, and shortening the timeframes for signing agreements.
The President emphasized that such measures would help boost investment volumes and increase production to meet rising consumption and development needs, while continuing efforts to localize industries associated with these vital sectors.
In a statement, the company noted that this milestone coincides with increased output from the RW4 well, bringing the combined production from both new wells to around 140 million cubic feet per day since the start of this year.
The agreements aim to intensify exploration and production activities in the Mediterranean and Nile Delta regions, enhancing Egypt’s energy resources.
The digital platform, developed in partnership with Schlumberger, provides investors with comprehensive geological data, technical studies, and advanced digital tools, accelerating decision-making for upstream oil and gas projects.
Begonia-2 is the first well drilled under the company’s $100 million investment initiative in Egypt, launched to develop 11 wells over the next two years.
These agreements secured investments worth $631 million.
Negotiations are reportedly underway with suppliers from Qatar, Algeria, and Saudi Arabia, as well as major global trading entities.
Before deployment, the ship—originally an LNG carrier with a daily capacity of one billion cubic feet—will be converted into a regasification unit.
The project is expected to unlock approximately 80 billion cubic feet of gas, significantly enhancing the company’s production in Egypt.
Egypt’s Prime Minister Mostafa Madbouly, said on Wednesday that there are areas of great cooperation with Cyprus in the field of gas.
This development is poised to significantly reduce Egypt’s import bill and boost natural gas exports.
Minister of Petroleum Karim met with British Petroleum’s Executive Vice President for Gas and Low Carbon Energy William Lynn on Wednesday to discuss the drilling of two new gas wells in the second phase of the Reven project and the exploratory drilling program in the Mediterranean.
The media center of the Cabinet clarified that the current prices for natural gas, which have been in place since September, will remain unchanged.
