Egypt Eyes Gas Production Increase

Egypt plans to increase natural gas production from several key concession areas, including its giant Zohr field, in 2025. (Getty Images)
Egypt plans to increase natural gas production from several key concession areas, including its giant Zohr field, in 2025. (Getty Images)
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Egypt Eyes Gas Production Increase

Egypt plans to increase natural gas production from several key concession areas, including its giant Zohr field, in 2025. (Getty Images)
Egypt plans to increase natural gas production from several key concession areas, including its giant Zohr field, in 2025. (Getty Images)

Egypt plans to increase natural gas production from several key concession areas, including its giant Zohr field, in 2025, Petroleum Minister Karim Badawi said on Monday.

The government aims to ramp up output at Zohr by drilling new wells starting in the first quarter of 2025, according to a ministry statement. Production from the field remained stable at around 2 billion cubic feet per day (bcf/d) in the fiscal year 2023-24, which ended in June.

Zohr, once a game-changer that turned Egypt from a net gas importer to an exporter, peaked at 3.2 bcf/d in 2019 but has since seen output decline to 1.9 bcf/d in early 2024.

The drop was mainly due to foreign oil companies’ hesitance to invest as Egypt accumulated billions in arrears. However, in August, Prime Minister Mostafa Madbouly announced that his government had a clear plan to restore and increase production levels in cooperation with foreign partners.

Egypt is also seeking to boost pipeline imports from neighboring Israel and Cyprus while exporting liquefied natural gas (LNG) through its two export facilities.

Additionally, Egypt signed a partnership agreement on Monday with Greece's Copelouzos Group to enhance the trade, transport, supply, and regasification of natural gas across Eastern Europe and Greece.



Bitcoin Rises above $90,000 on Trump Euphoria

Bitcoin logos are displayed at the Inside Bitcoins conference and trade show on April 7, 2014, in New York. (AP)
Bitcoin logos are displayed at the Inside Bitcoins conference and trade show on April 7, 2014, in New York. (AP)
TT

Bitcoin Rises above $90,000 on Trump Euphoria

Bitcoin logos are displayed at the Inside Bitcoins conference and trade show on April 7, 2014, in New York. (AP)
Bitcoin logos are displayed at the Inside Bitcoins conference and trade show on April 7, 2014, in New York. (AP)

Bitcoin charged past the $90,000 level on Wednesday, as its relentless rally showed no signs of easing on expectations that Donald Trump as US president and his administration will be a boon for cryptocurrencies.

The world's biggest cryptocurrency has become one of the most eye-catching movers in the week since the election and touched $91,110 - a record high. It was last up 3% at $91,016, marking a 32% rise since the Nov. 5 election.

Smaller peer ether has similarly soared 37% since election day, while Dogecoin, an alternative token, promoted by billionaire Trump-ally Elon Musk was up more than 150% as the bitcoin frenzy extended across the crypto landscape.

Trump embraced digital assets during his campaign, promising to make the United States the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin.

It is not clear how or when that could happen, but the possibility drove a speculative surge in crypto mining and trading stocks.

Software company and investor in bitcoin MicroStrategy announced it had spent about $2 billion buying bitcoin between Oct. 31 and Nov. 10. Shares scaled a record high on Tuesday.

Crypto investors see an end to increased scrutiny under US Securities and Exchange Commission Chair Gary Gensler, whom Trump has said he will replace. Trump also unveiled a new crypto business, World Liberty Financial, in September.

"Key areas to monitor include potential regulatory changes, increased institutional participation, and a rise in M&A activity," said Carl Szantyr, managing partner of digital asset hedge fund Blockstone Capital.

"The new political landscape may bring clearer regulations for crypto assets and could prompt strategic developments, such as a national bitcoin reserve and growth in the mining sector."