Egypt is taking steady steps towards turning into a regional hub for energy and trade, affirmed the Cabinet’s Information and Decision Support Center (IDSC).
Egypt has successfully managed to promote its production and export capabilities, added the IDSC report, which included also infographics to shed light on Egypt’s quest to benefit from its potential resources of natural gas.
The IDSC also pointed out to the various international agreements signed to explore gas and develop ports and liquefaction stations.
The natural gas indicators recorded significant achievements, said the report, noting that the gas growth rate stood at 4 percent during 2021/2022 , down from 11 percent during 2015/2016.
The natural gas production went up to hit 69.2 billion cubic meters in 2021/2022 against 41.6 billion cubic meters in 2015/2016, added the report.
The report, meanwhile, pointed out to the launch of a national plan to rationalize electricity consumption, which will save natural gas to redirect it for exporting and increase Egypt’s sources of foreign currency.
The report further said that Egypt’s exports of natural and liquefied gas jumped by 13-fold to hit dlrs 8 billion during 2021/2022 against dlrs 0.6 billion during 2013/2014.
Egypt was ranked 19th globally in terms of gas production in 2015, noted the reported, adding that this was changed following the discovery of the mega Zohr gas field in offshore Egypt.
Egypt achieved natural gas self-sufficiency in September 2018 and resumed exports, added the report.
Regarding the foreign investments in the petroleum and gas sectors, 108 new petroleum agreements have been signed to explore gas at total investments worth about dlrs 22 billion, according to the report.
Current production from Zohr gas field jumped to 2.7 billion cubic meters per day, noted the report.
Discussion about this post