Cairo: The Egyptian Natural Gas Holding Company (EGAS) and Arcius, a global energy company, have formalized an agreement to develop the Harmattan gas field in the Mediterranean, targeting a production of 150 million cubic feet of gas per day.

According to State Information Service Egypt, the $500 million investment project also aims to produce 3,300 barrels of condensates daily. The Ministry of Petroleum, in a statement on Thursday, emphasized the strategic importance of the project, which has the potential to significantly bolster Egypt’s gas production capacity.

Future plans are being considered to further increase output, with projections to reach 200 million cubic feet of gas and 4,400 barrels of condensates per day. The development, which was confirmed by EGAS Executive Managing Director Sayed Selim and Arcius CEO Naser Saif Al Yafei, is slated for completion by 2028.