In line with the Ministry of Petroleum and Mineral Resources' ongoing strategy to strengthen cooperation and transparency with global oil and gas companies, Minister Karim Badawi met with Nicholas Kacharov, Regional Director of Energean Greece, to discuss the company's latest developments in gas exploration and production across various Mediterranean regions in Egypt.

The meeting highlighted significant progress in the development and production of gas from the Abu Qir offshore fields, North Idku, and North Amreya, as well as the exploration efforts in the East Badr El Din area. Energean reported nearing the completion of the NAQPII #EAST exploratory well, where two gas- and oil-bearing strata were discovered. The well is projected to yield around 15 million cubic feet of gas per day, along with condensates, and is expected to commence production by mid-August. Additionally, Energean has successfully re-routed the NAQPII #6 well and re-completed the NAQPII #2 well.

Currently, production from the Abu Qir fields is approximately 65 million cubic feet of gas per day and 1,250 barrels per day of condensates. This increase follows the successful drilling of four new wells, which were integrated into the offshore production infrastructure and brought online at full capacity by the end of last year. The discussions also covered a study to further boost production from the North Abu Qir field by installing a new 3-kilometer offshore pipeline between the NAQPIII and NAQPII platforms, with an estimated investment of $10-12 million.

The meeting also reviewed ongoing studies of the deep layers in the Abu Qir, North Idku, and North Amreya concession areas, which hold significant promise for future exploration and production.

The discussions were attended by Alaa El-Batal, CEO of the Egyptian General Petroleum Corporation (EGPC), and Yasser Mohamed Ahmed, Chairman of the Egyptian Natural Gas Holding Company (EGAS).