Ahmad 
The Egyptian Ministry of Petroleum and Mineral Resources announced the signing of two investment agreements worth a total of $340 million with international companies, with the aim of boosting oil and gas production in the Mediterranean and Gulf of Suez regions.
The first agreement was signed with Shell and Malaysian Petronas, worth $222 million, to increase natural gas extraction from the deep offshore West Delta, and also includes drilling three new wells and establishing offshore facilities to support production.
The second agreement was signed with Kiron Energy, worth $120 million, to increase oil production in the Gulf of Suez, and includes drilling nine wells, three of which are exploratory, with the aim of increasing daily production rates.
Egypt is also seeking to secure its needs through tenders to purchase shipments of liquefied natural gas, as a tender was issued to purchase five shipments for delivery during August and September, in order to meet the expected increase in consumption during the summer months.
Egypt’s production of crude oil, condensates and gas liquids reached about 613 thousand barrels per day by the end of 2022, an increase of 20 thousand barrels per day compared to 2021, and its production of crude oil and liquid fuels is expected to reach 620 thousand barrels per day during the current year.
As for Egyptian natural gas production, it amounted to about 6.2 billion cubic feet per day during the fiscal year 2022-2023, while the average domestic consumption of natural gas reached 5.9 billion cubic feet per day during the fiscal year 2022-2023.
57% of natural gas consumption in Egypt goes to the electricity sector, 25% to the industrial sector, 10% to the petroleum and derivatives sector, 6% to homes, and 2% to fuel cars that run on gas.
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