Source: Cairo – Ashraf Abdel Hamid
He added that Egypt had become a source of natural gas during the last quarter of 2018, noting that the Egyptian private sector had succeeded in reaching agreements to contract to buy gas from Israeli fields to pass through the Egyptian national gas network, and that it would be asked by Egyptian liquefaction factories and exported to Europe after that.
The Media Center of the Council of Ministers stated that this trend strengthens Egypt’s project to turn into a regional center for trade and gas and oil, stressing the high volume of Egypt’s natural gas production per day to reach about 7.2 billion cubic feet per day, and saving about 1.5 billion dollars annually as a result of stopping the import of gas Liquefied.
The center said that it had previously discovered the largest field in the Mediterranean, which is the “back field”, which contributes about 40% of Egypt’s natural gas production, and achieves a record in its production estimated at 2.7 billion cubic feet per day, confirming the start of pumping gas from the field into the national network For natural gases at the end of December 2017.
He stated that the total investment volume for the development of the field over its lifetime is about $ 15.6 billion, and the volume of gas reserves in the field has reached about 30 trillion cubic feet.
The Media Center of the Egyptian Cabinet stressed that during the past four years 27 projects were implemented to develop gas fields with investments of 31 billion dollars and an average production rate of 7.6 billion cubic feet per day of natural gas, and 44.2 thousand barrels per day of condensates, adding that the increase was reflected in production rates The local natural gas to cover the full needs of the economic sectors and citizens.