Egypt to bring Eni-discovered 2-Tcf gas field online by late 2027 – minister

Egypt plans to begin production at a gas field discovered by Italy’s Eni, holding an estimated 2 trillion cubic feet of gas and 130 million barrels of condensates, before the end of 2027, Petroleum Minister Karim Badawy said Thursday.

The discovery, announced by the Ministry of Petroleum on Tuesday, is located off Egypt’s Mediterranean coast.

Badawy said a fast-track development plan is underway, including drilling additional wells, targeting initial production in the second half of 2027 and full output by the end of the year.

Speaking at the government’s weekly conference, he emphasised Egypt’s efforts to create an attractive investment climate for oil and gas exploration, aiming to maximise domestic resources and reduce imports.

President Abdel Fattah El-Sisi has instructed the rapid settlement of payments owed to foreign partners to encourage investment, develop existing fields, and expand exploration, the minister added.

Badawy noted that outstanding payments to foreign partners fell to $1.3 billion by March 2026, down from $1.6 billion in 2024. He said the government has introduced incentives, including higher gas purchase prices, to encourage further exploration and boost production.

Attribution: Amwal Al Ghad English