Egypt Is Going to Increase Production of Hydrocarbons from 2025
In order to increase hydrocarbon production, Egypt is forced to pay contributions to foreign oil companies to meet its gas needs.
Egypt plans to return oil and gas production to normal levels from 2025 with the help of international partners, Prime Minister Mostafa Madbouli said.
The government announced in March that it had started paying contributions to foreign companies working on hydrocarbon projects in the country. Initially, it is planned to pay 20% of the debt, the rest will be repaid in accordance with the planned plan.
In the summer, Egypt resorted to reducing the load to maintain the functioning of its energy system, saying that it needed to import $1.18 billion worth of gas and fuel oil to avoid rolling power outages.
The country generates most of its electricity by burning gas. Egypt‘s oil ministry said in July that gas production was 5.7 billion cubic feet per day. In July, the ministry signed two agreements with foreign oil companies to invest $340 billion to increase hydrocarbon production in the Gulf of Suez, Reuters writes.
