Sunday 22 Dec
Egypt's Natural Gas Holding Company (EGAS), affiliated with the Egyptian Petroleum Ministry, has agreed with Shell and BP to commence production from the Harmattan gas field in the Mediterranean in the first quarter of 2026. The initial investment is estimated at around $370 million, according to Bloomberg-Asharq.
According to an anonymous official, the Pharaonic Petroleum Company, operating on behalf of Shell, BP, and EGAS in the region, has completed the initial engineering studies for the project, which is expected to produce 125 million cubic feet of gas and 3,300 barrels of condensate per day.
Egypt aims to increase its
natural gas production rates by the end of this year to approximately 5 billion
cubic feet per day, compared to the current 4.3 billion cubic feet. This is
insufficient to meet the country's daily needs, which has returned to the ranks
of liquefied natural gas (LNG) importers after five years of being an exporter.
The government official revealed
that the Pharaonic Petroleum Company is currently negotiating to lease a
drilling rig and will be issuing a number of tenders in the coming period to
provide drilling services and long-term equipment for the development of the
Harmattan area.
The plan includes drilling 3 wells in the area, constructing an offshore platform, and a 50-kilometer gas pipeline to the onshore processing plant. The project is expected to be completed by the end of 2025 in shallow waters, with production starting in the first quarter of 2026, according to the official.
