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.
Egypt's natural and liquefied gas exports have seen an increase reached, $7.8 billion, which is equivalent to 160 billion pounds, during the period (January-October 2022), ranking Egypt the first in the Arab world.
Also, the president directed the Ministry of Petroleum to accelerate implementing the project of Sodium carbonate, Na₂CO₃, Complex in the new city of El Alamein. Rady continued.
The Egypt Petroleum Show (EGYPS) 2023 is held under the auspices of His Excellency President Abdel Fattah El Sisi and with the support of the Ministry of Petroleum & Mineral Resources from 13-15 February 2023.
In four years, 24 agreements were signed in the Mediterranean and the Nile Delta with investments totaling $2.7 billion and grants worth nearly $25 million, Raslan added.
The Mediterranean region is still full of many resources, he said, adding the coming period requires cooperation of all peoples to achieve hopes, stability and development for countries.
Maait elaborated during his speech on the sidelines of the "Euromoney Egypt 2022" conference, that the current gas exports amounts to $600 million per month.
The discovery will be a huge boost to Egypt which has seen its output fall from a peak of 7.2bn cfd last September to 6.5bn cfd for Q3.
The figures reflect a growth as the country exported seven million tons of LNG to European markets in 2021.
The program shed light on the ministry’s efforts to cut harmful greenhouse gas emissions and develop plans on facing the negative impacts of the climate changes.
Egyptian Minister of Petroleum Tarek el-Molla revealed that Egypt has developed its gas infrastructure, and will coordinate with the Palestinians in Gaza to develop their gas fields, Dostor newspaper reported on Monday.
Gas exports increased by 44 percent during 2021/2022 on an annual basis, as 84 shipments of liquefied natural gas were exported from the gas liquefaction plants in Idku and Damietta.
He added that the World Bank has set a ten-term condition, the most prominent of which is increasing the tariff price. He noted that Lebanon already has formulated how the new tariff will cover the expenses.
The official spokesman for the Council of Ministers, Nader Saad, said that the government agencies are committed to measures to rationalize electricity, and accordingly, the lights are turned off after the end of official working hours.
Current production from Zohr gas field hiked to 2.7 billion cubic meters per day, added the ministry Mondayز
The Cabinet said in a statement, Thursday, that the project is being built within the framework of the trend towards expediting the exploratory operations in the "Northeast of Al-Arish" offshore area.
The Central Agency for Public Mobilization and Statistics (CAPMAS) released a statement Tuesday detailing the exports, whose value declined in May 2022.
The government is currently working on investing in the most important resource it owns, which is natural gas, to which huge investments have been directed in the past,” Prime Minister Mostafa Madbouli said on Tuesday.