News

Egypt to Achieve Self-Sufficiency of Natural Gas by 2018

Egypt to Achieve Self-Sufficiency of Natural Gas by 2018

Photo: Getty Images

Egypt is set to achieve self-sufficiency of natural gas by the end of 2018, according to Egypt’s Minister of Oil Tarek Al-Molla.

Al-Molla stated on Friday that 21 projects have been implemented to develop and advance natural gas fields over the past three years, adding that nine more projects are currently underway and will be implemented by 2019.

During his meeting with members of the American Chamber of Commerce in Egypt, Al-Molla pointed out that the ministry is about to file a new bill to the parliament pertaining to natural gas trade. The bill suggests the involvement of private sectors in this trade as well.

He went on to say that the discovery of Zohr gas field in the Mediterranean and the production of ‘West Delta’ in North Alexandria are promoting Egypt’s production of natural gas and covering local markets needs.

Egypt is currently holding talks with its Liquefied Natural Gas (LNG) suppliers in order to postpone their shipments as its domestic production of gas has significantly increased.

According to a Reuters report, Cairo’s decision to achieve self-sufficiency of natural gas by 2018 will be a major obstacle to its suppliers as it ranks the eighth biggest importer of LNG. They now have to shift to other markets amid concerns over the impact on global gas prices if alternatives are not found fast enough.

Statistics have revealed that the domestic gas production of Egypt is 4.35 billion cubic feet per day, when the consumption is about 5.2 billion.

Egypt has recently discovered several natural gas fields. In March, British Petroleum made a gas discovery in the north of Damietta offshore concession in Egypt’s East Nile Delta. It also announced in 2016 the discovery of a new natural gas field in the Baltim South Development Lease in the east Nile Delta.

Shell discovered 500 billion cubic feet of natural gas in the Western Desert in 2016. Zohr field that was discovered late 2015 was considered ‘super giant’.

Chamber of 17 Mummies Discovered in Egypt's Minya
Egyptian Sheikh to Face Trial for Calling Christians 'Infidels'

Subscribe to our newsletter


News

More in News

Two Egyptians Make Forbes’ 30 Under 30 List for 2018

Egyptian StreetsJanuary 22, 2018

Former Army Chief of Staff Sami Annan Declares Presidential Bid

Egyptian StreetsJanuary 20, 2018

Egypt’s President Abdel Fattah al-Sisi Announces Intention to Run for Second Term

Egyptian StreetsJanuary 19, 2018

Music Against Cancer: Zamfir to Hold Concert in Cairo for Cancer Patients

Menna A. FaroukJanuary 17, 2018

Mohamed Anwar al-Sadat Will Not Run for Presidency, Slams Egypt’s Presidential Elections

Egyptian StreetsJanuary 15, 2018

Two New Female Ministers in Egypt’s Limited Cabinet Reshuffle

Egyptian StreetsJanuary 14, 2018

Egypt’s Nour el-Sherbini Wins the Saudi PSA Women’s Squash Masters

Maydaa Abo El NadarJanuary 14, 2018

‘I Will Block Facebook’: MP Mortada Mansour Announces Presidential Candidacy

Egyptian StreetsJanuary 14, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.