The executive regulations of the new Gas Market Law will be issued next February, Minister of Petroleum Tarek El-Molla said Monday during the first Al-Ahram Energy Conference.
El Molla added that the new law would support Egypt chances into becoming a regional center for energy because of its importance in enhancing the investments opportunities in the logistics services and supporting the private sector in all the activities related to the natural gas market.
” it will increase direct and indirect investments in the Egyptian economy and create new job opportunities”, El Molla added.
On the other hand, in regards to exporting gas produced from giant offshore field on the Mediterranean, Zohr, El-Molla said Egypt can allow foreign oil companies working on gas projects to export their production share after five years, in case the domestic market does not need it.
The country’s natural gas output rose to about 5.5 billion cubic feet per day in 2017 from 5.1 billion cubic feet in 2016 on the back of the start of production from the first phase of BP’s North Alexandria project, Zohr field.
Egypt has been seeking to speed up production from recently discovered fields, with an eye to halt imports by 2019 and achieving self-sufficiency