Egypt Charts Recovery Path with Ambitious Gas Production Targets
Egypt’s Prime Minister Mostafa Madbouly has announced plans to restore the country’s natural gas production to 6.6 billion cubic feet per day by 2027, representing a dramatic recovery from current output levels of 4.1 billion cubic feet daily.
The North African nation’s gas production has been in steady decline since 2022, forcing Egypt to transition from a net gas exporter to a net importer relying on expensive liquefied natural gas cargoes and Israeli supplies. The production decline has been primarily attributed to a severe hard currency shortage that limited the government’s ability to pay international oil companies.
Madbouly revealed that Egypt has already paid $1 billion to international oil companies and plans to pay an additional $1.4 billion before year-end. This commitment to clearing accumulated arrears has encouraged foreign investors and partners to resume investments in Egyptian gas fields.
The prime minister expressed confidence that these clear payment plans and renewed foreign investment will enable Egypt to return to its previous production levels over the next two years, potentially restoring the country’s position as a regional energy exporter.
Source: tradingview.com/reuters
