Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, stated in an interview with BP Magazine that “the gas surplus in our system by 2020 will be used for two things: to satisfy local demand – electricity, industry and so forth – including an expansion of our petrochemical industry. Secondly, it will go towards meeting our contractual obligations for exportation.”
El Molla explained that Egypt had four major discoveries, BP’s West Nile Delta, Atoll, Zohr and Nooros, which will enable Egypt to produce more than 5.5bcf/d of gas.
The minister pointed out that Egypt has a fascinating geographical location that promotes the North African country to be an energy hub for the region. He added that this goal is also feasible due to Egypt’s strong infrastructure in “the Suez Canal, Liquefied Natural Gas (LNG) plants in Damietta and Port Said, refineries on two coasts, and the Summed pipeline running from the Gulf of Suez to offshore Alexandria”
El Molla added that Egypt has attracted more oil and gas investments as it decreased its overdue payments by half and continue that process today.