Cairo – Mubasher: Egypt’s natural gas production is expected to hit 6.2 billion cubic feet per day by the end of the end of the fiscal year 2017/2018, Egypt’s minister of petroleum Tarek El Molla told Reuters on Thursday.
The increase is due to the production of the Mediterranean Sea fields, especially Zohr whose reserves are estimated at about 850 billion cubic metres, El Molla revealed.
He added that the Zohr field is scheduled to start gas production from by the end of 2017.
Egypt is in talks with liquefied natural gas (LNG) suppliers to postpone contracted shipments this year, which aims to reduce purchases in 2018 due to higher domestic gas production from new discoveries, lowering demand for high-priced imported gas, the minister said.
Egypt is expected to achieve self-sufficiency of natural gas by the end of 2018, he highlighted.
The minister had previously confirmed in June the country’s full commitment to implement plans to increase petrol and natural gas production from new, old, and obsolete projects in the oil-rich areas like the Sinai Peninsula.
The number of gas field projects under development in Egypt has reached around 12 projects, with investments of approximately $33 million.
El Molla proclaimed recently that 76 research and development agreements had been signed over three years, alongside reforms in the oil sector.
