Egypt partners with Eni, Apache to boost natural gas production
Updated 8/4/2024 6:45:00 AM
Arab Finance: Egypt is turning to the Italian energy giant Eni and the American company Apache to boost its natural gas production, aiming for self-sufficiency once again, Asharq Business reported, citing unnamed sources familiar with the matter.
The government has agreed with the two companies to pay overdue debts to encourage them to complete their field development and exploration programs, the source highlighted.
They agreed to reschedule arrears and ensure prompt payment of the foreign partners’ share in the extracted natural gas, an official revealed.
This agreement allows the companies to export gas abroad in exchange for increased investment in their concession areas.
Currently, Eni and Apache produce about 2.5 billion cubic feet of gas per day, contributing to Egypt’s total production of approximately 4.6 billion cubic feet.
However, their production is still short of the local market’s demand of 6.2 billion cubic feet per day, leaving the country with a deficit of 1.6 billion cubic feet per day.
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