The Egyptian oil and gas sector completed 24 projects over the past four years, investing $16.2 billion in the process, Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla has stated, Egypt Oil & Gas reports.
The developments enabled the production of around 4.1 billion cubic feet per day (bcf/d) of natural gas and around 36,000 barrels of condensates.
The minister predicted that natural gas output will continue to experience growth over the short and medium term, especially in light of the Eastern Mediterranean gas fields still under development.
A total of 16 projects will be completed during the current development phase. It is projected that these initiatives will be completed within four years at a cost of $25 billion.
Egyptian natural gas output increased 28.45% year-on-year (Y.o.Y), reaching 3.595 million tons in January 2018 compared to 2.799 million tons in January 2017, Egypt Oil & Gas previously reported.
Statistics published by the Central Agency for Public Mobilization and Statistics (CAPMAS) reveal that consumption of natural gas in Egypt rose by 11.199% Y.o.Y to 3.654 million tons in December 2017,up from the 3.286 million tons consumed during the same month in 2016.