This initiative aims to introduce additional wells into the production framework within the coming months, as per the source.
The Egyptian government aims to increase Egypt’s natural gas production by the end of this year to about 5 billion cubic feet per day, compared to about 4.6 billion cubic feet per day at the present time, according to a government official who spoke to Asharq Bloomberg.
Minister of Petroleum and Mineral Resources, Karim Badawi, has reached an agreement with international partners operating in Egypt to expedite the advancement of development schemes for the concession sites.
This initiative aims to introduce additional wells into the production framework within the coming months, as per the source.
The government official indicated in a statement to Asharq Bloomberg that Egypt is working with the Italian company Eni and the American Apache company to increase the country’s gas production and try to achieve self-sufficiency again.
The Egyptian government also agreed with them to pay the late dues to motivate them to complete development programs, fields and explorations.
The two companies’ combined production of natural gas amounts to about 2.5 billion cubic feet of gas per day.
The government paid $1.3 billion in payments to foreign oil and gas companies operating in the country at the end of last June.
The dues of these companies to the Egyptian General Petroleum Corporation amounted to about $4.5 billion, according to an International Monetary Fund report last March.
