Energean ramps up Egypt natural gas

Greek energy firm Energean’s plans to increase natural gas production from its concessions in Egypt were discussed in Cairo with Petroleum Minister Tarek El Molla and company CEO Mathios Rigas.

A company statement said Egypt minister El Molla and Rigas discussed Energean’s plan to link gas discoveries in North Idku and North El Amriya to the existing production facilities in Abu Qir, offshore Alexandria.

El Molla stressed the importance of the continuous cooperation between the ministry and international companies to speed up implementing new projects to increase Egypt’s oil reserves and production.

“Energean is one of the foreign partners who invested in Egypt in the recent years after it acquired Edison’s assets worldwide”, El Molla said.

He said the company has great potential and seeks to pump new investments to maximize the exploitation of gas resources from the Mediterranean region, a major centre of its operations.

Rigas said Energean seeks to increase investments in natural gas development projects in the Mediterranean region.

The company also focuses on implementing a plan for exploration and production activities in the deep layers using the latest technologies.

In the first nine months of 2021, Energean’s production from the Abu Qir fields averaged 4.3 million cubic metres and 4,000 barrels of oil (totalling app. 30,000 barrels of oil equivalent) per day.

Production from the North Idku and North El Amriya fields is expected to commence in mid-2022 and average app. 2.2 million cubic metres and 2,000 barrels of oil (totalling app. 15,000 barrels of oil equivalent) per day.

The gas exploration firm also has a stake in Israeli offshore fields, including its flagship Karish project.