The amounts of natural gas set to be extracted from Eni’s renowned Zohr gas find will be fully designated to fill Egypt’s domestic needs and ease import burden.
A source in the state-run Egyptian Natural Gas Holding Company (EGAS) told Amwal Al Ghad Wednesday that initial production rates of Zohr would amount around one billion cubic feet per day.
He stated that all coordination with the Italian giant company is focusing on being committed to the schedules of production processes. According to the schedules, Eni will extract first cargo of natural gas from Zohr before the end of 2017.
The source clarified that pumping all extracted amounts of Zohr production into the local markets comes in line with the hike in natural gas consumption rates of industrial sectors and power plants
Natural gas consumption rates are set to hike within the coming period as a massive number of plants will start operating using large amounts of fuel, the source noted.
Industries with heavy consumption of power also need massive amounts of gas, notably cement and steel factories, thus, petroleum sector has signed a number of liquefied natural gas (LNG) cargos. Additionally, the sector has signed a contract for two regasification boats to convert LNG back into natural gas to be consumable for factories and electricity plants, the source stated.