The average production of natural gas in Egypt during fiscal year (FY) 2022/23 reached about 6.2 billion cubic feet per day (bcf/d). Meanwhile, the average daily domestic consumption of natural gas was around 5.9 bcf/d, including 57% for the electricity sector, 25% for the industrial sector, 10% for the petroleum and gas derivatives sector, 6% for households, and 2% for supplying cars, the Egyptian Natural Gas Holding Company (EGAS) Executive Managing Director , Magdy Galal, stated.

Galal’s statement came during the general assembly chaired by Minister of Petroleum and Mineral Resources Tarek El Molla to review the performance of EGAS in 2022/23.

El Molla confirmed that recent years have witnessed the implementation of a vision to develop the Egyptian state’s natural gas resources by attracting investments and implementing projects to put gas discoveries on the production map, which has led to an increase in its contribution as a primary source of energy and securing the needs of various consumption sectors.

El Molla stated that the strong and unique infrastructure in the field of natural gas supports our efforts to maximize the economic benefit from Egypt’s geography and its location, which is in the middle of the production and consumption areas.

During the meeting, Galal reviewed the most prominent achievements of natural gas activities during 2022/23. In the field of research and exploration, the global bid was launched for the year 2022 to search for natural gas in 12 sectors, including six sectors in the Mediterranean Sea and six sectors in the Nile Delta, and the evaluation of all offers was completed and the result of the bid was announced recently, Galal explained.

The procedures for issuing 11 agreements to search are ongoing, with nine agreements signed, and the laws for two agreements are being issued, with a total signing grant of about $30 million and a total investment of $925 million, Galal noted.

A three-dimensional seismic survey was carried out in the Mediterranean Sea over an area of ​​about 4,000 square kilometers in the Nour and North Rafah marine areas and the Narges marine commitment area, and a regional three-dimensional seismic survey is being conducted in the western Mediterranean for an area of ​​about 10,500 square kilometers.

In light of the trends of transitioning towards green energy and reducing carbon emissions, serious steps have been achieved in the first path of energy transition, which is rationalizing and improving the efficiency of energy use.

EGAS achieved savings in electrical energy consumption estimated at approximately 190,000 kilowatt-hours and a reduction in emissions by 84 tons of carbon dioxide during the year, with an increase in savings of 3.5% compared to the previous year.

In addition to implementing measures to rationalize and improve the efficiency of energy use in subsidiaries, which achieved the annual target by a rate ranging between 2-3.5%, and saved natural gas consumption by about 103 million cubic feet/year, equivalent of a reduction in emissions of 6,000 tons of carbon dioxide, and a reduction in gas flares that contributed to reducing emissions by about 140,000 tons of carbon dioxide and making economic use of gas flame.