President Sisi meets with Minister of Petroleum Tarek al-Mulla - Press Photo
CAIRO – 21 April 2017: Minister of Petroleum Tarek El-Molla affirmed to President Abdel Fatah al-Sisi that his ministry is seriously working on the 2018 self- sufficiency plan of natural gas, the Presidential Spokesperson, Ambassador Alaa Youssef said in presidential statement Thursday.
Egypt is suffering a natural gas gap thanks to the increasing consumption and the governmental energy subsidies.
Egypt will import 100 to 108 LNG shipments this year, including 43 to 45 cargoes in government-to-government contracts from Oman, Russia’s Rosneft PJSC and France’s Engie SA, Bloomberg reported last February.
That’s why the government started to expand investments in the oil sector.
“We have a plan to dig around 230 exploratory wells worth $2 billion by the end of 2018, as well as production from North Alexandria and Zohr fields scheduled to start at the same period,” El-Molla said.
El-Molla reviewed during his meeting with President Sisi Wednesday the steps his ministry took to develop the petroleum sector which led to an improved performance and upgraded the exploration and production processes.