Monthly consumption of oil, gas rises to 6.7m T/mon: Egypt’s El-Molla

Egypt’s monthly consumption of petroleum products and natural gas increased to 6.7 million tonnes, 30 percent of which are being imported, state’s Oil Minister stated Wednesday.

El-Molla added that the strategy of Egyptian oil sector targets securing state’s needs of petroleum products and managing demand on oil and gas products through upgrading refineries by executing new eight projects with investments worth around US$8.6 billion.

The strategy also includes expanding in the national project of delivering natural gas to homes, the minister stated, adding that the ministry delivered gas to around 7.7 million houses until the end of September 2016.

El-Molla made these remarks during his meeting with Canada Egypt Business Council (CEBC) and the Egyptian Council for Sustainable Development (ECSD) in the attendance of CEBC’s Chairman, Motaz Raslan in addition to a number of investors and businessmen.

The major priority over oil sector’s strategy is to raise crude oil and natural gas production and reserves through carrying out more explorations, El-Molla clarified.

Within the last years, Egyptian oil sector succeeded in keeping crude oil production rates through implementing projects with investments estimated at around US$1.5 billion.

El-Molla pointed out that Egypt executed a number of projects for producing natural gas that participated in raise production rates.

Egyptian petroleum sector is currently executing 12 new projects to develop gas fields with investments estimated at around US$33 billion. Those projects are expected to add around 5.5-6.2 billion cubic feet of gas and 28,500 barrels of condensates daily to the local production by the end of 2019, the minister clarified.