Egypt urges international oil companies to double output by 2030

The Egyptian government has requested international oil and gas companies operating in the country to double their production by 2030, Reuters reported on February 10, quoting London-based Energean International (LSE: ENOG) chief executive Nicholas Katcharov.

Egypt’s petroleum ministry has intensified upstream activity, bringing around 430 wells into production last year, adding roughly 1.2bn cubic feet of gas per day (cfdb) and more than 200,000 barrels of oil and condensates. The country also recorded 82 new oil and gas discoveries and signed 33 exploration and production agreements in 2025, with minimum investments exceeding $1.6bn.

Katcharov said existing petroleum contracts would need to be renegotiated to unlock fresh investment and support higher output, particularly in redevelopment projects at mature fields. He noted that the low domestic gas prices, which underpinned earlier development phases were no longer viable, arguing that fiscal terms must be updated to reflect current market realities.

“There is a significant gap between local gas prices in Egypt and the cost of imported gas,” Katcharov said, adding that while it was difficult to pinpoint an exact price, incentives would be required to stimulate new capital spending and production growth.

Katcharov also said Egypt had recently repaid $80mn of outstanding dues to Energean, reducing arrears that had previously exceeded $200mn. He expressed confidence in the Ministry of Petroleum’s ability to settle the remaining balances. He added that gas flows from Israel into Egypt had increased in recent months.

As of February 2026, the Egyptian government has successfully cleared approximately $5bn in outstanding arrears to international oil companies, reducing the debt from a 2024 peak of $6.1bn. Following recent liquidity injections from regional deals, the country aims to slash the remaining balance to $1.2bn by June 2026 while maintaining the regular settlement of current monthly invoices.

Energean operates the Abu Qir concession in the West Nile Delta, one of Egypt’s largest gas-producing hubs, comprising the Abu Qir, North Abu Qir and West Abu Qir fields.