Egypt has asked international oil and gas companies operating in the country to double production by 2030 as part of a broader strategy to strengthen domestic energy output and attract fresh investment, according to Energean International Chief Executive Mathios Rigas. Speaking to Reuters, Rigas said the government recognizes that existing contractual terms will need to be adjusted to incentivize new development.
He noted that pricing structures agreed in earlier years are no longer aligned with current market realities, particularly as Egypt faces a widening gap between domestic gas prices and the cost of imported fuel. Revising production agreements, he said, would be essential to encourage companies to invest in expanding output from mature and brownfield assets.
Rigas also disclosed that Energean had been owed more than $200 million by Egypt, adding that approximately $80 million has since been repaid. He expressed confidence that the outstanding balance would be settled, signalling continued engagement between the company and Egyptian authorities, as reported by Business Standard.
Egypt’s push to increase output comes amid efforts to reverse declining production levels and stabilize energy supplies, particularly as demand rises and the country seeks to reinforce its position as a regional gas hub. The petroleum ministry did not immediately comment on the remarks, Reuters said.
