Rising domestic demand and falling gas production from its own fields forced Egypt to import gas from its neighbors.
Five years ago, Egypt was one of the promising new regional and potentially global gas hubs. Following the massive Zohr discovery about a decade ago, the promise was justified. Now, Egypt has been forced to borrow to keep the lights on. The Zohr field, which Italy’s Eni discovered in 2015, began production three years later, ramping up very quickly to 2 billion cu ft daily in September from 350 million cu ft daily at the start of the year. Production rose further to 3.2 billion ft in 2019.
In addition to the rising demand during the summer, total gas production in Egypt sank to the lowest in six years earlier in 2024. Part of the reason for this decline was the drop in Zohr’s output, along with investment reductions by the energy majors operating in the country. The reason for that unpaid debt. Reuters reported this week that Egypt had accumulated debt of some $6 billion for gas and other fuel supplies. Of this total, $1.
Oil Gas Energy Upstream U.S. Debt Eni
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fortescue points to green metal ambitions in fiscal resultsProfits steady as green metal plans get underway
Read more »
Mickey Harte outlines his ambitions with Offaly after surprise appointmentThe former Tyrone and Derry manager was in Offaly last weekend after being handed a three-year term alongside incumbent Declan Kelly
Read more »
Wyn Jones: Harlequins prop retains Wales ambitions after switchWales prop Wyn Jones says he retains international ambitions after moving to Harlequins from Scarlets.
Read more »
Davy Fitzgerald outlines his ambitions after Antrim pull off managerial coupIn his first interview since being appointed Antrim manager, Davy Fitzgerald insists he was happy to take a break from hurling before a delegation led by Antrim chair Seamus McMullan came knocking
Read more »
Telford firm strengthens global ambitions after £1.13m orders boostA Telford-based aviation specialist has secured two major deals worth £1.13million to strengthen its leading global position.
Read more »
Leeds Bradford Airport unveils long haul flight ambitionsThe airport's chief executive hopes to see flights to the US and Middle East within three years.
Read more »