Egypt is taking proactive measures to stimulate its oil and gas sector by instructing international oil companies to double their production by the year 2030. This announcement came from Nikolaos Katsaros, CEO of Energean International, who emphasized the need for the revision of existing contracts to enhance investment opportunities in the industry. With past phases of development supported by low natural gas prices now coming to an end, the government is pushing for updated terms that would motivate companies to invest in underutilized facilities.

Katsaros highlighted a significant disparity between domestic natural gas prices and those of imported gas, which further complicates the investment landscape in Egypt's energy sector. This gap underscores the urgency for a strategy that allows local production to become more competitive, potentially leading to a more sustainable energy framework in the long term. He also pointed out that Energean has financial dealings with Egypt, noting that the company currently owed over $200 million, but recent repayments have instilled a degree of confidence concerning the government's commitment to addressing outstanding dues.

Overall, this call for increased production and investment reflects Egypt's ambition to enhance its role in the regional energy market, while also ensuring that it can adequately meet local demands. By revising contract terms and ensuring timely payments to oil companies, Egypt aims to foster a collaborative environment that attracts foreign investment and strengthens its energy landscape in the coming years.