By: Oil & gas middle east

Egypt expects to restore natural gas production to 6.6 billion cubic feet per day (bcf/d) by 2027, news agency Zawya reported, following comments from Prime Minister Mostafa Madbouly on Wednesday.

The agency noted that output has been in decline since 2022, turning the country into a net importer via costly liquefied natural gas shipments and supplies from Israel. Current production stands at 4.1 bcf/d, according to Madbouly, Zawya said.

It added that the drop has been attributed largely to a shortage of hard currency, which restricted the government’s ability to pay international oil companies. However, Madbouly said investor confidence had returned after Egypt began settling arrears.

“Foreign investors and partners have resumed investments as a result of our commitment to pay off the accumulated arrears, so we have clear plans to return to previous production levels over the next two years,” he said, according to Zawya.

Last month, Madbouly revealed that Egypt had paid $1 billion to international oil companies and aimed to settle a further $1.4 billion before year-end.