Egypt’s average production rates of natural gas stand at about 7.2bn cubic feet per day (scf/day), Minister of Petroleum Tarek El Molla announced on Saturday.
El Molla received a performance report by the Egyptian Natural Gas Holding Company (EGAS) for the first 10 months of the fiscal year (FY) 2019/20, from July 2019 to April 2020.
The report indicates that 10 exploratory wells have been drilled, with another exploratory well underway, at a total investment of $314m.
Five new gas exploration agreements have also been signed, and the procedures for signing a further two agreements are being finalised. The total investments value for the seven agreements amounts to $975m.
Another seven agreements, worth a total investment of $690m and $19m in signing grants, have been initialled.
Egypt is self-sufficient in terms of its natural gas usage, El Molla said, adding that the ministry continues to provide the needs for all gas-consuming sectors working in the local market.
Of particular note is the electricity power industry sector, which consumes about 60.3% of Egypt’s total gas consumption. The remainder of the country’s gas consumption is distributed between manufacturing, households, cars, and oil and its derivatives.
El Molla indicated that in the same period, 936,000 households have been connected to the natural gas grid.