CAIRO – 14 December 2020: Egypt's gas production amounted to 6.2 billion cubic feet, ranking 13th in the world and fifth in the region, according to Minister of Petroleum and Mineral Resources Tarek el-Molla.
El-Molla confirmed at the first session of the fourth edition of an annual energy conference, the tremendous growth in home gas delivery rates, to 11 million housing units, explaining that 45 percent of what was delivered came during the past six years, and it is close to what has been implemented over 34 years, reaching 55 percent.
He said that the petroleum sector has succeeded during the past six years in signing 86 petroleum agreements and attracting new international companies in the field of research and exploration, and the two largest projects to collect geophysical data have been implemented in the Red Sea and the Arab region in the Mediterranean.
The minister added that the success stories in the sector included reducing the dues of foreign partners to less than a quarter, achieving self-sufficiency in natural gas and re-exporting, and natural gas was connected to more than 5 million housing units, and the conversion of cars to work with mixed natural gas was also greatly expanded. To digital transformation and implementation of the stimulus program for resources and institutions, as the petrochemical industry has been developed to maximize the added value.
He pointed out that projects have been implemented to raise the efficiency of refineries, develop components of the storage, circulation and distribution system of petroleum products, as well as carry out structural reform to keep pace with global systems, and energy subsidies have been reformed to correct pricing and develop social programs to rationalize energy subsidies, and energy consumption has also been rationalized.
El-Molla stressed the decrease in gasoline consumption and the semi-stability of diesel fuel, noting that the funds resulting from the reduction in consumption will be directed to providing modern services and meeting the citizens' needs.
He pointed to achieving self-sufficiency in gas and resuming exports, affirming that this achievement came through the implementation of 29 projects to develop fields with investments of LE 437 billion, and the growth rate in the sector increased from - 11 years 2015/2016 to 25 percent in 2019/2020.
"The strategy of the petroleum sector includes the axis of the petroleum sector development and modernization project, as a vision has been set on which we are working to achieve optimum utilization of all potentials and natural resources in sustainable development and transform Egypt as a regional center for energy trade and circulation,” he stated.
He stressed that the return from the development project will be great, and it will contribute to increasing the competitiveness of the economy to attract investments, increase the inclusive growth of the national economy, improve macroeconomic indicators, provide hard currency and secure the sustainability of energy sources to meet the country's needs.
"The highest production rates in the history of the petroleum sector were reached by 1.9 million barrels of equivalent per day, and gas was delivered to about 1.2 million housing units, which is the highest rate of gas delivery to homes during 2018/2019, and there are investments LE 1.2 trillion, which is the highest investment rate during 6 years, the sector also achieved a growth of 35 percent from 2014-2015 to 2019-2020, and the sector's contribution to the gross national product increased to 27 percent,” the minister stated.
Mon, Dec. 14, 2020
