Egypt to boost gas production after years of decline
Egypt's gas production is expected to reach 6.6 billion cubic feet per day by 2027, Prime Minister Mostafa Madbouly said.
Egypt's natural gas production began declining in 2022, forcing it to become a net gas importer whether through expensive LNG cargoes or through Israeli supplies.
The North African nation's production is currently 4.1 billion cubic feet per day, Madbouly said.
The decline in output over recent years has been driven mainly by a hard currency shortage that limited the government's ability to pay international oil companies.
"Foreign investors and partners have resumed investments as a result of our commitment to pay off the accumulated arrears, so we have clear plans to return to previous production levels (of 6.6 billion cubic feet daily) over the next two years," Madbouly said.
Madbouly said last month that Egypt has paid $1 billion to international oil companies and it was set to pay another $1.4 billion before the end of the year.
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