Egypt starts producing gas from new find
The Egyptian Ministry of Petroleum announced the start of actual production from a new gas discovery in the Western Desert at a rate of 40 million cubic feet per day, achieved by Khalda Petroleum Company through drilling the exploratory well "Watda." This comes as part of Egypt's efforts to boost gas production and reduce reliance on imports, especially in light of the decline in domestic production, which dropped to less than 4.4 billion cubic feet per day for the 2025-2026 fiscal year, with an expected decrease to 4.2 billion cubic feet during the current year. Concurrently, Egypt is negotiating with international companies to purchase liquefied natural gas shipments for a contract lasting between 3 to 5 years, aiming to mitigate market volatility, particularly given the rising costs of gas imports and the reduced shipping traffic through the Strait of Hormuz due to tensions with Iran.
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