Egypt aims to restore normal output at gas fields by summer 2025

Egypt aims to restore normal natural gas production by the summer of 2025, Prime Minister Mostafa Madbouly announced Thursday, according to Reuters. Madbouly said production had declined due to arrears owed to foreign oil and gas companies, but the government is addressing the issue. Although the prime minister did not specify the amount owed, sources in March suggested that the government had allocated up to $1.5 billion to repay these debts. The arrears accumulated during a long running foreign currency shortage that has now eased.

Facing power shortages due to high summer demand, Egypt suspended power cuts in July after receiving natural gas shipments. Madbouly asserted that "electricity load-shedding cuts won't return again" and said the government had set aside $2.5 billion to that end. The prime minister added there are plans bring an Egypt-Saudi power link online by summer 2025.