Two Discoveries In The Mediterranean And Six In The Western Desert Adding An Estimated 600 Billion Cubic Feet Of New Reserves
Egypt started construction of a gas pipeline in the Western Desert with an expected capacity of 15 million cubic feet of gas per day, the Petroleum Ministry said on Facebook on Saturday, citing the head of the General Petroleum Corp. The company’s current production is about 74,000 barrels of oil equivalent per day, he said. Last month, Egypt signed nine new natural gas exploration agreements with international companies, bringing the total number to 44. The new exploration licenses will lead to investment of nearly $1 billion with signature grants amounting to $24 million. Last year witnessed eight new discoveries of natural gas, two discoveries in the Mediterranean and six in the Western Desert adding an estimated 600 billion cubic feet of new reserves.
Four projects were implemented for the development and production of gas from the discovered fields with investments of more than $4 billion, and 15 new wells were placed on the gas production map, with an average daily production of 1.4 billion cubic feet of gas and more than 25,000 barrels of condensate. The total average production of natural gas amounted to more than 6.8 billion cubic feet, covering the entire needs of the local market. The average daily local consumption of natural gas amounted to more than 6 billion cubic feet. The electricity sector consumed the most gas, accounting for more than 60 percent of production, followed by the industrial sector with more than 22 percent and the petrochemical and gas derivatives industry with about 11 percent. Domestic home and vehicle use took and 6 percent.
This news was originally published at Arab News