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.

Dana Gas receives $20M payment from Egyptian government to support operations Updated 12/12/2024 10:07:00 AM

Egypt to offer stakes in 10 firms in 2025 Updated 12/12/2024 3:38:00 AM

Egypt's trade deficit widens by 22.8% in September Updated 12/11/2024 12:21:00 PM

Egypt’s annual core inflation hits 23.7% in November Updated 12/11/2024 4:04:00 AM

Hassan Allam Utilities, Defaf partner to boost logistics infrastructure in Saudi Arabia Updated 12/10/2024 11:54:00 AM