Wednesday 7 October 2020
Last update on Wednesday, October 7, 2020 At 11:27 AM
The comprehensive strategy adopted by the Egyptian government 5 years ago to develop its natural gas resources continues to bear fruit. The state reports that it recorded a further 12.4% increase in gas production compared to the same period last year.
In fiscal year 2019-2020, Egypt increased its gas production to 7.2 billion standard cubic feet per day, an increase of 12.4% over the previous year at the same time .
“Throughout the fiscal year, local gas consumption reached 5.8 billion cubic feet per day. 60% of the gas was devoted to the production of electricity, of which 23% for the industrial sector, 11% for the oil sector and 6% for households and transport ”, commented Magdy Galal, CEO of the public company Egyptian natural gas.
These encouraging results can be explained in particular by the launch in 2015 of a program to attract new international companies to explore for natural gas in its territory.
Among the said companies, the oil company Eni has made the discovery of 30,000 billion cubic feet of gas in the Zohr field, the largest gas discovery in the Mediterranean to date. This discovery alone enabled the country to become self-sufficient in gas. In addition, the Italian company has also discovered a large new offshore natural gas field that can harbor up to 4 trillion cubic feet of gas in the Grand Nooros region.
Egypt is currently undertaking new exploration initiatives and is expected to gain significant long-term influence in the global gas market.
Source Ecofin Agency
