A source at the Egyptian Ministry of Petroleum and Mineral Resources stated to Egypt Oil&Gas that Egypt plans to increase natural gas production from 4.4bcf/d to 5bcf/d in 2017. The plan will be executed through conducting a number of projects in the natural gas fields with total investments between $1.5b and $2b.
The source added that the ministry urged companies to finalize the execution of their development plans for discovered gas fields and adding them to production in order to cover local market’s demands.
Moreover, the Egyptian General Petroleum Corporation (EGPC) in cooperation with the international oil companies (IOCs) aim to increase natural gas production by 1bcf/d before the end of 2017, in line with running Zohr field. Additionally, they will add around 4.4bcf/d of gas to the national grid, specifically after two recent tenders for EGPC and Ganoub El Wadi (Ganope) aiming to attract more investments to oil and gas exploration. Accordingly, the company accepted six different bids for six locations with minimum expected investments of $200m and $68.2m.