A source at the Egyptian oil and gas sector informed to Egypt Oil&Gas that the government plans to increase natural gas production from 4.5bcf/d to 6.2bcf/d within 2017.
The government’s plan primarily aims at reduceing importing bills and saving US dollars. The plan is to be implemented on two phases of which the first is for developing the discovered gas fields to be available for daily production whereas the second level includes launching new international tenders through the Egyptian General Petroleum Corporation (EGPC) and Ganoub El Wadi Petroleum Company in order to attract new investments that will increase Egypt’s oil and gas production.
Egypt’s gas production will increase due to the new huge projects that will be executed to develop the natural gas fields with total investments reaching $32b. It will further witness an increase through adding the production of Zohr field and Atoll Field as well as adding 870mcf of Nooros production to the natural gas national grid.
Egypt will intensify work with international oil companies in the upcoming period in order to buy their share of oil and gas instead of importing oil and gas for $13 per 1mtu.