A consortium comprising Italy’s Eni and France’s TotalEnergies has taken the Final Investment Decision (FID) to develop the Cypriot “Cronos” gas field and connect it to Egyptian infrastructure, according to Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi.
During a meeting with Prime Minister Mostafa Madbouly in New Alamein City to review sector developments, Badawi stated that gas produced from the Cypriot field will be transported to Egypt for processing through existing facilities. It will then be liquefied at the Damietta natural gas liquefaction plant before being re-exported to European markets. Badawi noted the step affirms Egypt’s position as a regional gas trading hub and a gateway for exporting Eastern Mediterranean gas to global markets, adding that the selection of Egypt reflects its integrated infrastructure and status as a reliable regional partner.
Additionally, Badawi announced that Egypt’s crude oil production has recorded its highest level in two years. He attributed the increase to the completion of payments for overdue arrears to investment partners, alongside the regular settlement of current dues. The minister said this has enhanced partner confidence and encouraged operating companies to expand investments and intensify exploration, development, and production activities to meet local market needs.
The minister also reported a new natural gas discovery following the drilling of the deep exploratory well “Wanda” in the Western Desert. The well, drilled to a depth of 15,000 feet, has a production rate of approximately 40m cubic feet per day, adding to the country’s natural gas supply network.
Addressing domestic energy security, Badawi stated that the petroleum ministry successfully secured local market needs for natural gas during recent peak consumption periods driven by high temperatures, ensuring stable fuel supplies for various sectors, primarily electricity. He confirmed the ministry’s readiness to secure requirements for the second half of the summer through established operational plans and alternatives.
Prime Minister Madbouly emphasised that the petroleum and natural gas sector remains a fundamental pillar of the national economy and energy security. He stressed the government’s continued support to increase local production, attract investments, and accelerate exploration to maximise the use of Egypt’s natural wealth in line with sustainable development goals.
During the meeting, Badawi also reviewed the executive status of ongoing strategic projects executed in partnership with major global companies, noting these initiatives aim to maximise the value of natural resources by localising new industries, reducing the import bill, and increasing exports.
