Egypt Oil & Gas CEO Set to Present Gas Expansion Vision at IAE 2024 Summit
The Chief Executive Officer (CEO) of Egypt Oil & Gas, Mohamed Fouad, is set to discuss Egypt’s gas expansion plans at the Invest in African Energy (IAE) 2024 forum in Paris this May.
Egypt is accelerating the development of its recent Nargis-1 discovery and embarking on a 35-well gas drilling program, signaling opportunities for increased investment in the sector.
Scheduled to take place on May 14–15, 2024, in Paris, IAE 2024, organized by Energy Capital & Power, aims to foster investment connections between African energy markets and global investors. The event offers a platform for intensive engagement with industry experts, project developers, investors, and policymakers.
Egypt’s gas expansion efforts include drilling 35 new natural gas wells in the Mediterranean Sea and Nile Delta by mid-2025, with investments exceeding $1.8 billion. Key operators involved in this initiative include Chevron, Eni, ExxonMobil, Shell, and bp.
Egypt currently produces approximately 6.2 billion cubic feet of gas per day, with a significant portion originating from the Zohr field. The country aims to bolster its position as a major regional LNG exporter, particularly to Europe.
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Recent investments from prominent international oil companies (IOCs) are driving Egypt’s gas sector growth. Eni and Chevron announced the Nargis-1 gas discovery in early 2023, expected to contain 3.5 trillion cubic feet of natural gas. Supermajor bp also revealed plans to invest $1.5 billion in new gas exploration and production activities, along with forming a joint venture with Abu Dhabi National Oil Company to expand Egypt’s international gas portfolio.
For further information on sponsorship or participation as a delegate, interested parties are encouraged to contact the event organizers
