Ministry of Petroleum to Invest $18 B in Gas Projects
Monday, 13th May 2019
The Ministry of Petroleum and Mineral resources targets developing 11 natural gas projects in different concession areas, with an investment of $18 billion, Alborsa reported.
The decision aims to compensate for the normal decline rates and increase natural gas production, a source in the Egyptian Natural Gas Holding Company (EGAS) told Alborsa.
The new projects, including the wells of West Borollos and North Tort, South Seth, Salmon, Rahmat, Satis, and Salamat, as well as Merit, Tinine, Waten, and Terra, will have a production capacity of around 2 billion cubic feet per day (bcf/d).
The planned projects that will be executed to develop natural gas fields that were discovered by foreign partners, according to EGAS source.
Egypt currently produces around 6.8 billion cubic feet per day (bcf/d) of natural gas, and targets to reach 7.6 bcf/d by the end of 2019 and 8 bcf/d by H1 2020.
Moreover, EGAS expects the country’s natural gas consumption to grow by 12.3%, reaching 7.3 billion cubic feet per day (bcf/d) in fiscal year (FY) 2019/20.