Recent gas finds to help Egypt become a natural gas self-sufficient

Egypt is set to achieve self-sufficiency of natural gas within the upcoming years due to the recent gas discoveries, Petroleum and Metallurgical Wealth Minister Tarek El Molla stated Tuesday.

He added that another discoveries are set to be announced soon.

El Molla said that state’s approach to depend on new and renewable power sources will shrink the consumption rates of using natural gas and oil to operate power plants. Thus, large amounts of natural gas will be pumped and allocated for petrochemical industries.

The minister pointed out that signing oil agreements will boost Egypt’s reserve of  natural gas and crude oil notably after signing more than 65 oil agreements within the last three years. Eventually, the Egyptian oil production will witness a leap within the upcoming years, El Molla clarified.

Last week, Egypt has signed an agreement for the Haliph area in the Western Desert with the Tunisia’s HBSI, with minimum investments of about $9 million and a signature bonus of $1 million, to drill 4 exploration wells.