The Egyptian Ministry of Petroleum and Mineral Resources on Thursday said that Egypt’s strategic reserve of gas, thanks to new explorations, has reached 2.65 trillion cubic feet of gas and 23 million barrels of gas condensate during the fiscal year 2022-2023.
Egyptian Natural Gas Holding Co. (EGAS) Chairman Magdy Galal said during a meeting of the General Assembly of the company that the drilling of eight exploratory wells has led to the exploration of five new natural gas areas in the Mediterranean and Nile Delta, the ministry added.
Six gas development and production projects have been implemented in the newly-explored fields and contributed to state’s production map, said the EGAS chairman.
Thirty-six production wells were drilled with a total production capacity of 666 million cubic feet of gas and almost 17,000 barrels of gas condensates on daily basis, Galal said, noting that the total investment cost of the project and its development wells is estimated at 738 million dollars.
Egypt’s average daily natural gas production in FY 2022-2023 stood at nearly 6.2 billion cubic feet, while the local natural gas consumption rate reached some 5.9 billion cubic feet daily.
The electricity sector had the largest share of state’s natural consumption by 57 percent, followed by industrial sector by 25 percent and oil and gas sector by 10 percent.
Households accounted only for six percent of the country’s natural gas consumption share, while vehicles fueling accounted for two percent of the gas consumption nationwide.