Tue, Sep. 24, 2019
CAIRO – 24 September 2019: Egypt has put a number of gas fields on the map of production during the last period, which was reflected on the rates of gas production in September to hit 7.2 billion cubic feet per day.
The following are the most important figures that drew the map of natural gas activity in the last period:
- Launching an international tender for oil and gas exploration in 10 sectors in the Red sea.
- Signing Noor Marine Agreement, with investments of research and exploration amounting to about $85 million.
- The value of investments in the field of research, development and operation of natural gas activity reached about $3.7 billion during 2018/2019.
- Egypt's natural gas production has risen to unprecedented rates.
16 MAY, 2019
Marwa Abo AlMajd
Egypt’s petroleum sector is set to attract $10 billion of investment in its coming financial year, adding to the $30 billion that has been invested over the past three years, according to an industry head.
Mohamed Saad, head of the oil chamber at the Federation of Egyptian Industries, told Zawya last week investments in current and past financial years have “helped Egypt to achieve self-sufficiency” in natural gas production . Egypt’s new financial year begins on July 1.
Saad said that the natural gas sector had represented “an overload” on the state in the past as a result of weak production, but said the situation had now transformed, with the country transitioning from self-sufficiency towards becoming a natural gas exporter.
“During 2018 Egypt was able to achieve self-sufficiency of gas, where the volume of domestic production (rose) to 6.6 billion cubic feet per day, while the total volume of investments for oil and gas exploration and the development of fields producing them in 2018 amounted to about $10 billion,” he said.
“Shell , Eni And Mobil are playing an important role in pumping these investments in Egyptian petroleum sector,” he said.
October 3, 2018, 4:22 PM GMT+3
- Egypt faces hit to budget from oil after ending imports of gas
- Government was planning to phase out costly fuel subsidies
No sooner has Egypt achieved its milestone of regaining self-sufficiency in natural gas than another corner of the energy market threatens to deal a new blow to fragile government finances.
A six-fold increase in production at the giant offshore Zohr field means Egypt can now meet its own needs domestically. The government may now save some $2 billion a year after receiving what it said was the final shipment of expensive liquefied natural gas last week. But relief for the most populous Arab country -- a net importer of refined gasoline and diesel -- could be short-lived.
Egypt’s 2018-2019 budget assumes oil prices at $67 a barrel but crude has already surged past $80, threatening plans to cut the deficit under an economic overhaul program backed by a $12 billion International Monetary Fund loan. It also poses a dilemma for the government, which had sought to phase out fuel subsidies by mid-2019; burden the population by lifting prices higher and faster than expected or abandon its deficit target altogether.
