Energean Eyes Mediterranean Gas Expansion Amid MoPMR Meeting
MoPMR and Energean Explore Expanding Mediterranean Gas Production
The Ministry of Petroleum and Mineral Resources (MoPMR) has met with London-based energy company Energean to discuss expanding natural gas exploration and production in the Mediterranean. Minister Karim Badawi emphasized that increasing domestic gas production remains a priority for the petroleum sector.
Badawi noted that settling partners' outstanding dues has helped strengthen cooperation with international oil companies, paving the way for increased investment and activity. He also called for speeding up procedures to merge Energean's concession areas, which could lower costs and improve investment economics.
Energean CEO Mathios Rigas had previously stated plans to increase investments in Egypt and explore deeper gas horizons in the Abu Qir concession by April 2025. Integrating Energean's concessions is expected to reduce costs and allow for greater investment, while deeper exploration may bring additional gas to market without delay.