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| Egypt: 300 billion additional cubic feet of gas from the Mediterranean |
Egypt aims to add 2.2 trillion cubic feet to its gas reserves during 2025-2026
The Egyptian Natural Gas Holding Company (EGAS) aims to add approximately 2.2 trillion cubic feet of recoverable natural gas from Mediterranean fields during the current fiscal year 2025-2026, according to a government official.
The official stated that the targeted gas reserves for 2025-2026 are approximately 300 billion cubic feet higher than those achieved in the previous fiscal year, representing an increase of more than 15%. The official added that the volume of additional reserves during 2024-2025 from Mediterranean gas fields reached approximately 1.9 trillion cubic feet, which will boost the total recoverable natural gas reserves in the coming years.
He pointed out that gas field development is accompanied by the extraction of approximately 4 to 6 million barrels of crude oil and associated condensates annually added to the strategic crude oil reserve from the Mediterranean fields. He noted that the gas stock added to the strategic reserve will be gradually produced in coordination with foreign partners, ensuring the sustainability of gas production from wells for as long as possible.
Egyptian Petroleum Minister Karim Badawi confirmed in an official statement that the investment incentive measures implemented by the ministry and the commitment to paying partners' dues have already resulted in restoring investor confidence, halting the decline in production, and reducing a portion of the current year's fuel import bill. Badawi stated that stimulating investment to increase domestic oil and gas production and address challenges in this regard are among the government's priorities, highlighting the Egyptian state's current and future plans to implement the pillars of its strategy, which include increasing production and achieving maximum economic benefit from natural gas infrastructure.
According to the official, three international gas companies are conducting stimulation work on natural gas wells in the Mediterranean Sea to increase strategic reserves and production by 10 to 15% annually. This work is expected to be completed during the second quarter of 2025-2026. He added that the stimulation work is being carried out using certain chemicals and other catalysts that maintain daily production rates without decline, add new quantities of extracted gas and recoverable reserves from existing wells, and maximize production from new fields beyond what was planned.
He pointed out that the Egyptian Ministry of Petroleum is working to offer a package of new investment areas to foreign partners through the Egypt Exploration Portal. These will include onshore and offshore exploration areas, aiming to increase oil and natural gas reserves and achieve self-sufficiency in the coming years.
Egypt's natural gas production has declined in recent years due to slowdowns in production by foreign partners operating in the Egyptian oil sector, resulting in the recurring accumulation of receivables. This prompted the Egyptian government to contract three units to regasify imported liquefied natural gas (LNG) during the summer months, in addition to leasing a fourth unit to operate as a reserve, to avoid any disruption to domestic gas trading.
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