Egypt’s petroleum sector cuts $3.5 bln from import bill: minister

Egypt’s petroleum sector cut about $3.5 billion from the country’s import bill in the past fiscal year thanks to higher domestic output and expanded infrastructure, Petroleum Minister Karim Badawy said Thursday.

Speaking at the General Assembly of state-run Egyptian Natural Gas Holding Company (EGAS), Badawy said the results reflected growth in exploration, production and local gas distribution.

EGAS Executive Managing Director Mahmoud Abdelhamid said nine new exploration blocks were awarded and six final agreements signed, attracting about $479 million in investment and $14.5 million in signature bonuses. He added that 29 gas discoveries were made in the Mediterranean, Western Desert and Gulf of Suez, while three new wells in the Mediterranean and Nile Delta added an estimated 1.85 trillion cubic feet of reserves.

On the production side, seven new development projects and 23 wells came online with investments of around $1.7 billion, Abdelhamid said.

Gas distribution to households also grew, with about 572,000 additional residential units connected to the grid, bringing the total to 15.5 million. Around 47,500 vehicles were converted to natural gas, supported by 34 fueling stations and 17 conversion centres across Egypt.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser