\n It is part of Egypt’s larger initiatives to enhance domestic gas production and lower import prices, which are backed by incentives meant to draw more capital to exploration and production.\n <\/p>\n
\n Officials have indicated that this discovery serves as evidence of the efficacy of the Ministry of Petroleum and Mineral Resources’ recent policy framework.\n <\/p>\n
\n These strategic measures have incentivized Apache Corporation to increase its capital expenditure and broaden its exploration activities, particularly within areas adjacent to its existing concessions.\n <\/p>\n
\n Egypt, over the last year, has been very aggressive with its gas initiatives.\n <\/p>\n
Egypt\u2019s recent gas projects <\/p>\n
<\/p>\n
\n In the same month, Karim Badawi, the Egyptian Minister of Petroleum and Mineral Resources, engaged in a discussion with Frank-Walter Steinmeier, Germany\u2019s Minister of Economic Affairs and Energy, to initiate bilateral agreements<\/a> in the natural gas, renewable energy, and technology transfer sectors.\n <\/p>\n \n In August last year, Israel and Egypt entered into a landmark natural gas agreement valued at an estimated $35 billion, marking one of the largest energy deals in the Eastern Mediterranean.\n <\/p>\n \n Per the deal, Egypt is set to receive gas from the Leviathan field, which is located offshore in the Mediterranean and has reserves of almost 600 billion cubic metres.\n <\/p>\n