Egypt's Gas Revival: Aiming for 6.6 Billion Cubic Feet by 2027
Egypt aims to boost its declining natural gas production to 6.6 billion cubic feet per day by 2027, reversing its status as a net importer. The recovery plan comes after addressing a hard currency shortage and paying off debts to international oil companies to resume investments.
In a strategic move to reverse its status as a net gas importer, Egypt plans to increase its natural gas production to 6.6 billion cubic feet per day by 2027. Prime Minister Mostafa Madbouly announced this target amidst ongoing efforts to overcome recent production declines.
Since 2022, Egypt's gas production had dwindled, impacted heavily by a hard currency shortage that hindered payments to international oil companies. As a result, the nation resorted to costly liquefied natural gas imports and Israeli supplies to meet its energy demands.
Madbouly emphasized that the government has been committed to settling debts with foreign investors, recently disbursing $1 billion and planning an additional $1.4 billion payment. These measures have rekindled investment interests and set a clear path to restore production levels over the next two years.
(With inputs from agencies.)
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