According to a statement from Egypt’s Ministry of Petroleum and Mineral Resources, the agreements define the operational and commercial frameworks for the transfer, supply, processing, and liquefaction of Cypriot gas for export, while also regulating the use of Egypt’s gas infrastructure.
The company stated that receiving this payment is crucial for moving forward with its strategic development and exploration program, which includes drilling 11 wells in Egypt.
Egypt’s daily natural gas needs amount to 6.2 billion cubic feet, while current production stands at around 4.6 billion cubic feet per day.
The minister emphasized his belief in the state’s ability to achieve its goals related to the optimal exploitation of its natural resources, positioning Egypt as a regional energy hub.
This joint project aims to explore, extract, and sell natural gas and condensates produced by the relevant fields in Egypt.
