Wednesday, July 26, 2017 - 12:18pm
Egypt is the third largest natural gas producer in Africa and holds about 65 Tcf of proved natural gas reserves, according to the BP Statistical Review of World Energy 2017. But due to Egypt’s government paying low gas prices to foreign operators, it was getting more difficult to attract investments on developing new gas projects. Therefore, natural gas production had been under rapid decline from 5.9 Bcf/d in 2011 to 4.1 Bcf/d in 2016.
With significant natural gas reserves in the country, Egypt still needs to import natural gas from neighboring countries to satisfy domestic consumption, so Egypt’s government has agreed to pay a higher price to the foreign operators and encourage them to develop new natural gas discoveries, especially fields in the deepwater Mediterranean Sea and Nile Delta.
