gas
Egypt does not own facilities for liquefying natural gas, a process known as liquefaction, having previously operated a floating station in Ain Sokhna for gas imports before 2018. Egypt utilizes gas to fuel power plants as well as for cooling operations.
Agiba is aiming for a daily production rate of approximately 30,000 barrels of crude oil and 119 million cubic feet of natural gas during FY24/25.
Foreign investments in the sector reached $5.6 billion in 2022/2023, compared to $4.7 billion in prior year.
Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that the petroleum sector, in collaboration with its global partners, is working to boost production rates and increase oil and gas reserves.
Drilling activities took place at a water depth of around 250 meters below sea level in the offshore Nile Delta, with primary data confirming the presence of gas-bearing reservoir
Egypt relies on imports of Israeli gas to meet a portion of its domestic demand, as well as for re-export purposes.
He added that Egypt's current gas production rate is approximately 6 billion cubic feet per day, and the stability of these rates by the end of the current fiscal year is subject to companies' commitment to implementing field development and growth operations to achieve production targets.
The Egyptian government highlighted Monday that LE1.2 trillion had been invested in the oil and gas sector between 2014 and 2023.
The Egyptian state continues its major successes and achievements in the gas and oil file, and this comes at a time when Egypt is seeking to increase its reserves of gas, the demand for which has recently grown, in addition to the efforts of many European countries to secure alternative sources away from Russian supplies.
Egyptian Minister of Petroleum and Mineral Resources, Engineer Tariq Al-Mulla, inaugurated a number of development, modernized and efficiency-raising projects in some projects in Al-Hamra port, including the solar power plant project.
The slight increase in in petrol prices follows a small reduction observed in the previous month, as reported by UAE media outlets
GAFI will make it mandatory for the 2,400 oil companies operating in Egypt's investment and free zones to deliver their waste to Petrotrade.
Chairman of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba held a meeting Wednesday with the representatives of Mytilineos Holdings.
This came in Madbouli’s speech during President Abdel Fattah El-Sisi's visit, Sunday, to line up the equipment participating in the implementation of the state's plan for the development and reconstruction of Sinai.
The agreements include an agreement for the Egyptian General Petroleum Co (EGPC) with Egyptian National Petroleum for Exploration and Development Company (ENPEDCO) to search in the south of Ras Qattara in the Western Desert.
Molla referred to Egypt’s liquefaction plants that operate at full capacity and have regional consensus and reliable partners, working in cooperation with them.
Simson will meet Egyptian Minister of Petroleum Tarek El Molla, of Petroleum and Israeli Minister of Energy Israel Katz to further the implementation of the MoU which was signed in June last year, the statement added.
This comes less than a week after the announcement of a gas discovery in Egypt by the German company Wintershall Dea, on Thursday, Jan. 12, in one of its concession areas in the Nile Delta.
The Nargis-1 well has encountered approximately 200 net feet (61 m) of Miocene and Oligocene gas bearing sandstones and was drilled in 1,014 feet (309 m) of water by the Stena Forth drillship.
Egypt’s production of natural gas was not halted during the coronavirus outbreak despite the worldwide suspension of production as a result of the crisis.
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