Beginning in January 2021, Egypt will have verified natural gas reserves amounting to 63 trillion cubic feet, according to the Egyptian Observatory of the Egyptian Center for Thought and Strategic Studies.
The study found that substantial natural gas discoveries in Egypt led to a rise in the country’s natural gas output, which in turn enhanced offshore discoveries in the Mediterranean Sea over the previous ten years and improved tendering activity in exploration and production projects. As a result, multiple contracts for gas exploration and development projects with foreign oil companies were signed.
Egypt, one of the leading producers in North Africa and the Middle East, reached natural gas self-sufficiency in 2018, the report claims, with an increase in production rate to 6. 3 billion cubic feet of gas per day, an increase of more than 30 percent from 2016.
It was also mentioned that this led to Cairo’s simultaneous progress in developing renewable energy resources because natural gas and renewable energy sources combined created a marketable surplus of electricity. It was also mentioned that this is expected to cause Cairo’s renewable energy and nuclear energy production to increase significantly in the coming years as more renewable energy and nuclear energy projects get underway in Egypt.
The value of Egypt’s natural and liquefied gas exports increased during the first four months of the current year 2022 by 98 compared to the same period last year, to reach $3. 892 billion, and the value of Egypt’s natural gas exports increased from 456 million dollars in 2020 to 3. 959 billion dollars in 2021, an increase of 768. 2, amid expectations that Egypt’s natural and liquefied gas exports.
Significant natural gas finds in Egypt are covered in a report.
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