This Sunday morning, Energy reported the existence of an additional 3 trillion cubic feet of gas in Egypt beneath its current platforms, which are under exploration. Advanced discussions are underway with Egyptian authorities to integrate its three production concessions—Abu Qir, North Amriya, and North Idku—into a single concession. The company explained that the concession resulting from the merger of the three concessions in Egypt could improve commercial and financial conditions, provide new opportunities for development and exploration, and extend the economic life of Egypt’s gas fields.
The company’s average total production in Egypt reached about 29,000 barrels per day of oil equivalent in the first half of 2025, demonstrating success in halting the usual natural decline in these assets following strong performance. As of June 30, 2025, the group’s net receivables in Egypt amounted to $239 million, with $189 million classified as overdue. Energean expects to collect larger receivables in the second half of this year, as historically observed between 2020 and 2024, and ultimately expects to see a gradual decrease in the future.
In the same context, Egyptian Prime Minister Mostafa Madbouly announced last Wednesday a discovery in the Western Desert with a production capacity of up to 50 million cubic feet per day, confirming that the well will be operational immediately, contributing to a reduction in the gas import bill. This was stated during the weekly government conference, where he noted that Egyptian President Abdel Fattah el-Sisi followed up with Petroleum Minister Karim Badawi on the latest developments in the energy sector, according to the Egyptian newspaper “Al-Shorouk.” The Egyptian Prime Minister added, “We are continuously witnessing news of new discoveries, which enhances Egypt’s local energy production and reduces reliance on imports amid the economic crisis.”
