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China-Africa Trade Information Service
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China-Africa Trade Information Service
Photo from Daily News Egypt
Egypt has huge potential for gas resources. The Egyptian government has been working hard to manage and restructure its energy sector due to rapid domestic demand growth, especially for natural gas demand.
The Minister of Petroleum and Mineral Resources, Tarek El-Mulla, said that the total gas reserves increased by about 37tn daily cubic feet.
He explained that the new projects contributed to the self-sufficiency of natural gas, which is one of the most important successes of the strategy.
El-Mulla said that in one year, four major Egyptian gas fields in the Mediterranean were put on the production map, namely Zohr, Atol, Noroos, and Northern Alexandria. The fields’ investments amount to $27.2bn and have a collective production of 6.5bn cubic feet per day.
The Minister of Petroleum said that the value of the foreign partner’s share in the oil and gas fields rose to about $800m, compared to $400m in the last fiscal year, due to fluctuations in oil prices in the world markets.
He added that the sector’s strategy was in three main areas: increasing and diversifying energy supply and demand management, achieving financial sustainability through dealing with debt arrears and reforming the subsidy system and dealing with internal debt.
He referred to improving the management of the petroleum sector, through structural reforms and encouraging private sector investments by supporting legislation such as the Gas Market Regulation Law.
