Egypt plans to boost natural gas production from key concession areas, including its massive Zohr field, by 2025, Petroleum Minister Karim Badawi announced.
According to a ministry statement, the government will increase output at Zohr by drilling new wells starting in the first quarter of 2025. Production at the field remained steady at around 2 billion cubic feet per day (bcf/d) during the fiscal year 2023-24, which ended in June.
Zohr, which once transformed Egypt from a net gas importer to an exporter, peaked at 3.2 bcf/d in 2019. However, production fell to 1.9 bcf/d by early 2024, primarily due to foreign oil companies’ reluctance to invest as the country accumulated significant arrears. In August, Prime Minister Mostafa Madbouly revealed a clear plan to work with international partners to restore and increase production.
In addition to ramping domestic output, Egypt is looking to increase pipeline imports from neighbouring Israel and Cyprus while exporting liquefied natural gas (LNG) through its two LNG terminals.
Earlier this week, the country also signed a partnership agreement with Greece’s Copelouzos Group to strengthen natural gas trade, transport, supply, and regasification across Eastern Europe and Greece.
Egypt plans to boost its daily natural gas production by roughly 30%, aiming to reach 6 billion cubic feet by the end of 2025, according to reports. Currently, the country produces 4.6 billion cubic feet per day.
The official emphasised the government’s focus on fast-tracking the development of several natural gas fields with significant reserves to enhance production capacity.
In related developments, US energy giant Chevron is set to begin drilling an exploratory well in the deep waters of the country’s Mediterranean Sea next month at its Nargis concession, with an estimated investment of $150 million.
Additionally, Dutch oil major Shell and Malaysia’s Petronas have committed $420 million to advance the 10th and 11th phases of the Burullus gas fields in Egypt’s western region.
