The ministry said that the new well is expected to start 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.
Madbouly reaffirmed the government’s full support for efforts to attract more investment in exploration and production.
Natural gas prices for factories have been set based on the type of industrial activity, with a minimum price of $6.5 per million British thermal units (mmBtu).
Karim Badawi, Minister of Petroleum and Mineral Resources, said in a statement on Saturday that the decline comes as part of preparations to fully settle outstanding dues and reach zero arrears by the end of next month.
In a statement released on Saturday, the ministry said that Karim Badawi, Minister of Petroleum and Mineral Resources, inspected the EDC-56 drilling rig, which carried out drilling operations in the West Abu Madi area of Kafr El-Sheikh Governorate, approximately 3 kilometers offshore in shallow waters at a depth of about 10 meters.
