Egypt plans to restore oil and gas production levels to their normal levels starting in 2025 in cooperation with foreign partners.
Egyptian Prime Minister Mostafa Madbouly said, “He will hold a meeting with the Ministers of Petroleum and Finance and the Governor of the Central Bank, to follow up on plans to secure the state’s needs for petroleum products and the electricity sector.”
He added, “The government and the Central Bank bear a terrible burden to ensure the sustainability of the stability and regularity of managing these shipments.”
He continued: “The Egyptian state is keen to adhere to its promises in this regard, and we are looking in the short term to achieve a clear vision that will restore our oil and gas production to its levels.”
He pointed out that “there is a clear plan to restore the volume of oil and gas production to the rates and increase it in the coming period, stressing the importance of encouraging investment through foreign partners,” noting that “the circumstances of the economic crisis over the past two years have led to delays in paying the dues of foreign partners.”
The Egyptian Prime Minister explained that “the partner is pumping this money into investments to increase the productivity of the Egyptian state. The delay has led to a slowdown and shortage in some products.” He stressed that “the Egyptian government is working to “increase the productivity of the wells and fields in Egypt, starting in 2025, to return the numbers to their normal levels.”
It is noteworthy that Egypt hopes to become a regional center for liquefied natural gas after a series of recent discoveries such as the giant offshore Zohr gas field, whose reserves are estimated at about 30 trillion cubic feet of gas.
Last updated: August 24, 2024 – 18:58
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2024-08-25 12:28:36