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.



Albudaiwi: Advantage Oman Forum Offers Valuable Investment Insights

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
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Albudaiwi: Advantage Oman Forum Offers Valuable Investment Insights

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi

Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi said that the Advantage Oman Forum is a valuable opportunity offered by Oman to discuss and review investment opportunities and initiatives, as well as future transformations in promising sectors in this field.
This came during Albudaiwi's participation in the first edition of the Advantage Oman Forum, which was held under the patronage and attendance of Omani Deputy Prime Minister for Defense Affairs Sayyid Shihab bin Tarik Al Said, and in the presence of a number of ministers of the GCC countries, Sunday in Muscat. A group of senior officials and decision-makers participated in the forum, SPA reported.
The Secretary-General stated that Oman's Organisation of this forum reflects the insightful vision of the wise Omani leadership to strengthen the national economy and attract global investments, thus contributing to achieving sustainable development goals. He also praised the forum's activities and the workshops as well as the dialogue sessions it included, which provide the elements of success and sustainability for this forum, making it a regional and international platform and a destination for those interested in economic and investment affairs in Oman.
Furthermore, Albudaiwi added that Oman, with its attractive investment environment, advanced infrastructure, well-thought-out economic policies and significant economic, in addition to investment growth indicators, has become a destination for investors from around the world, stressing that this strengthens its position as a key pillar in the economies of the GCC countries and supports the council's aspirations for regional economic integration.
The Secretary-General concluded his statement by expressing his confidence that the forum will achieve positive results that will contribute to expanding the horizons of economic and investment cooperation between the GCC countries and the world, and support the comprehensive development process in the region.