Egypt upgrades estimate for its national gas reserves

Dec 22, 2004 01:00 AM

Sameh Fahmy, the Petroleum Minister of Egypt, has announced earlier that his ministry has upgraded the estimate of Egypt's national gas reserves to 66 tcf from its previous estimate of 62 tcf.
Fahmy has said that 16 new gas discoveries have been made since 2001, which increased estimated gas reserves by 14.7 tcf and 127 mm barrels of condensate. The Egyptian Minister said that 60 % of gas production comes from the Mediterranean, 24 % from Western Sahara, 10 % from the Suez Gulf and 6 % from the Nile Delta.

In another development, the recently completed SEGAS plant in Damietta is expected to load its first cargo of LNG. The plant was built by the Spanish-Egyptian Gas Company at a cost of $ 1.3 bn. The company uses a single 5 mm tpy liquefaction train.
As crude oil production in Egypt continues to fall, the Egyptian government has given great emphasis to gas exploration and production.

In recent years gas is used widely in Egypt for power generation and industrial and domestic use.
The policy of the Government is to use one third of gas reserves for the domestic market, one third for exports and leave the remaining third for use by future generations.

Source: ANI
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