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The Egyptian government has set a target to increase Egypt's natural gas production by 8 percent in the upcoming fiscal year 2024/2025, a government official said to Asharq Bloomberg.
The aim is to achieve an average daily production of 5.7 billion cubic feet, compared to the current production level of 5.3 billion cubic feet per day in the fiscal year 2023/2024, as reported by Asharq Bloomberg.
To realize this growth, the commencement of operations at recently discovered deep-water fields in the western Delta will play a significant role.
Shell and Petronas are expected to contribute around 200 million cubic feet per day to the increased production, while Eni and Chevron also possess fields that will contribute to the overall boost in natural gas output.
In the meantime, Egypt plans to import liquefied natural gas (LNG) shipments from July to October. As per a government official cited by Asharq last month, the country intends to import three shipments per month, with an estimated cost of up to $120 million per month.
It's worth noting that natural gas production in Egypt experienced a decline in 2023, reaching its lowest levels since 2017. According to data from the Joint Organizations Data Initiative (GODI), production amounted to 59.29 billion cubic meters, reflecting an 11.5 percent decrease compared to the previous year, 2022.
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