Natural gas production in Egypt to reach 6mn cubic feet by 2029

Egypt’s oil ministry is currently executing 13 projects to develop natural gas fields with investments estimated at US$33 billion, Minister Tarek El-Molla stated Friday.

By those projects, state’s natural gas production is expected to hike gradually to around 5.5-6 billion cubic feet and 28,500 barrels of condensates per day.

In a press release, the minister added that petroleum sector inked around 67 oil agreements during last two years with minimum investments of  US$14.3 billion.

El-Molla clarified that those agreements participated in enhancing global firms trust in Egypt’s investment climate and achieving largest gas discoveries in Mediterranean Sea; i.e. Zohr field and North Alexandria.

According to the statement, Egyptian oil sector executed around 18 projects during the last two years to develop gas fields with investments estimated at US$4.5 billion with production rate of 1.7 billion cubic feet per day.

El-Molla pointed out that there are around 44 global firms work in the Egyptian market.

On other side, Finance Minister Amr El Garhy stated that spending on petroleum products in Egypt’s new budget project are estimated at around 35 billion pounds in April 2016 versus 61 billion pounds in fiscal year 2015-16.