In 2014, Egypt makes 14 Oil Discoveries

In 2014, Egypt has made 14 oil discoveries in the Mediterranean Sea and Nile Delta, chairman of state-run EGAS Khaled Abd El Badee revealed on Monday.

The discoveries had contributed to adding 3 trillion cubic feet to Egypt’s natural gas reserves.

Abd El Badee – chairman of the Egyptian Natural Gas Holding Company (EGAS), further referred that 9 new projects had started production with US$ 500 million investments during 2014.

Within fiscal year of 2014-2015, 10 developmental projects are planned to start production, with investments estimated at US$4 billion, he noted.

EGAS has finished 4 projects of high pressure natural gas pipelines in favour of electricity stations, aiming to enhance the national network of natural gases to reach 37.000 km.

Moreover, Abd el Badee pointed out that EGAS’s strategy targets increasing Egypt’s production of petroleum resources, notably of the natural gas that would boost production rates and compensate the normal decrease in wells’ productivity as well as shrinking the current gap between production and consumption.