A source at the Ministry of Petroleum and Mineral Resources stated that Egypt’s four key natural gas fields represent a path for helping the country resolve its energy crises by 2019, Egypt Oil&Gas reported.
In a statement to Egypt Oil&Gas, the source said that Zohr, North Alexandria, Nooros fields, and Atoll, which will start production in December 2018 with additional volumes of 300mcf/d of gas, are envisioned to boost country’s gas production. The total capacity of the fields amount to 4.6bcf/d of gas, according to the ministry source, who further pointed out that overall investments in these fields are worth EGP 27.2b.
The source added that the fields will contribute to covering part of the market needs, achieving an added value to the Egyptian economy, helping in the economic growth, and attracting investments. As a result, this will enhance Egypt’s role as an energy hub in the region.
The ministry source also asserted that the Oil Ministry plans to attract additional foreign investments worth between $23b to $30b in the next three years that will contribute to an increase in the strategic supply of oil products.
In a statement to Egypt Oil & Gas, the government official further revealed the country’s plan for achieving energy self-sufficiency by 2023.
According to the source, the government plan has four main objectives. The first objective is to intensify activities of research and exploration in order to boost oil and gas reserves and production. The second objective is to speed up joint development projects for gas exploration with foreign companies in order to add 1bcf/d of gas to the national production rates. The ministry foresees that these two measures will further contribute to achieving the third objective to decrease the import bill, also by rationalizing consumption. Lastly, the ministry aims at securing the local market needs of fuel by increasing gasoline production to 6.4m tons daily as well as diesel production up to 2.6m tons a day in the new fiscal year (FY) 2016/2017.