Egypt to restore oil and gas production levels by 2025

Egypt plans to restore oil and gas production to normal levels by 2025, Prime Minister Mostafa Madbouly announced Thursday, according to Reuters. Madbouly said the country was working with foreign companies to boost production. The country had aimed to become a regional liquefied natural gas hub, to take advantage of a string of recent discoveries. However, progress was hindered by foreign currency shortages, which led to mounting arrears with international partners. In a course correction in March, the government said it had begun paying dues owed to foreign companies.

This summer Egypt resorted to load shedding to keep its power grid functioning, saying it needed $1.18 billion in fuel imports to end unpopular electricity cuts. The country generates most of its electricity from natural gas. In July, Egypt signed agreements with international firms to invest $340 million in oil and gas projects in the Mediterranean and the Gulf of Suez.