The Egyptian Natural Gas Holding Company (EGAS) and global energy firm Arkios have signed the final investment decision (FID) agreement to develop the Harmattan gas field in the Mediterranean Sea, with total investments estimated at approximately $500 million.

The project aims to produce around 150 million cubic feet of natural gas and 3,300 barrels of condensates per day, according to a statement issued by the Ministry of Petroleum and Mineral Resources.

The agreement also includes plans to study increasing production capacity to reach 200 million cubic feet of gas and 4,400 barrels of condensates per day, with the project scheduled for completion by 2028.

Additionally, a general contractor agreement for the project was signed between the Pharaonic Petroleum Company and ENPPI, the ministry added.