Recently the country discovered a natural source of gas in Zhor, North Alexandria, and Nooros. The Minister of Petroleum Tarek El Molla wants to exploit much more those wells for 2020.
Tarek El Molla the Egyptian Ministry & Mineral Resources of petroleum made an announcement in which he aims to rise to +50% up the annual production of gas for 2018 an for +100% for 2020.
The Minister who has worked in Oil Company before joining the deputy for Foreign Trade in 2013 has a great understanding of the energy related challenge. He is fully aware that his country has to attain energy self-sufficiency as soon as possible. More than an economic stake, it is about geopolitics as a major challenge for the future of the country.
At the end of 2018 the country must be self-sufficient comprising the three sites. In 2016, the gas production reached 4.4 millions cubic feet.
For the last 3 years Tarek El Molla has signed up more than 74 agreements with different companies to supply energy to Egypt. But in a near future, the minister’s goal is to become again a net gas exporter once again. Indeed, the total amount of production expected could be more than five and a half billion cubic feet a day. This represents a worth of 30$ billions investments.
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