Egypt Oil & Gas CEO to talk Gas Expansion Plans at Invest in African Energy 2024
Mohamed Fouad, CEO of Egypt Oil & Gas and Secretary General of the Egyptian Gas Association, will speak at Invest in African Energy 2024 (https://Invest-Africa-Energy.
Egypt is in the process of drilling 35 new natural gas wells in the Mediterranean Sea and Nile Delta through mid-2025, reflecting investments of more than $1.8 billion and led by operators Chevron, Eni, ExxonMobil, Shell and bp. Spearheading an ambitious gas expansion program, the country currently produces around 6.2 billion cubic feet of gas per day – 40% of which comes from the massive Zohr field – and is seeking to become a major regional LNG exporter, particularly to Europe.
Organized by Energy Capital & Power, IAE 2024 is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14–15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.
Recent upstream investments from leading IOCs are enabling Egypt to achieve this goal. At the start of 2023, exploration partners Eni and Chevron announced the Nargis-1 gas discovery – estimated to hold 3.5 trillion cubic feet of natural gas – and are looking to fast-track development, with appraisal drilling and a development plan expected later this year. Supermajor bp announced plans last month to invest $1.5 billion in new gas exploration and production activities, along with the formation of a joint venture with Abu Dhabi National Oil Company in Egypt focused on building an international gas portfolio.
