Study highlights major natural gas discoveries in Egypt

In its study, the Egyptian Observatory of the Egyptian Center for Thought and Strategic Studies stated that Egypt has 63 trillion cubic feet of proven natural gas reserves as of January 2021.

The study showed that natural gas production in Egypt has increased significantly as a result of major natural gas discoveries, as the increase in natural gas production in Egypt has contributed to the discovery of offshore fields made in the past decade in the Mediterranean Sea and tenders. there has been a significant improvement in exploration and production projects, leading to the signing of various agreements with international oil companies for gas exploration and development projects.

In 2018, Egypt was able to become self-sufficient in natural gas, increasing its production to 6.3 billion cubic feet per day, more than 30% more than in 2016, making the country one of the largest producers in North Africa, according to the study. and in the Middle East.

It was also noted that “this has led to Cairo’s simultaneous progress in developing renewable energy, as natural gas and renewable energy together created a marketable electricity surplus, which should grow significantly in the near future with the launch of additional renewable energy sources.” and projects in the field of nuclear energy. in Egypt”.

And according to the Seventh Day newspaper, the value of Egypt’s natural and liquefied gas exports in the first four months of the current 2022 increased by 98% compared to the same period last year and reached $3.892 billion. The value of Egypt’s natural gas exports rose from $456 million in 2020 to $3.959 billion in 2021, an increase of 768.2%, amid expectations that natural and liquefied gas exports from Egypt will rise to 7.5 million tons. by the end of this year due to strong domestic production and expanding natural gas exports to Europe.

Source: The Seventh Day