Petroleum Minister: We aim to produce 1.9 bcf per day, and 50,000 barrels of condensates.
The Ministry of Petroleum and Mineral Resources plans to develop 11 projects in natural gas fields with investments amounting to $17.5 billion.
Petroleum Minister Tarek El-Molla told the Daily News Egypt that the ministry aims to produce 1.9 billion cubic feet of gas per day and 50,000 barrels of condensates between 2018 and 2023.
He explained that the ministry is working on the development of gas fields in order to contribute to increasing production rates, as the oil sector aspires to turn Egypt into a regional gas hub after the completion of the gas market law and the establishment of an independent gas regulator.
Daily News Egypt obtained the plan to develop the gas fields, which includes West El-Burullus offshore project to produce 100 million cubic feet of gas per day and 1,400 barrels of condensates, with investments of $498m by the end of 2018.
The Ministry of Petroleum is also targeting the development of South Seth and North Tort fields to produce 100 million cubic feet of gas a day, with investments of $368m.
The plan also includes the development of the Salamat field in the Mediterranean with investments of $10.2bn to produce 600 million cubic feet of gas a day by 2023.
Moreover, the ministry is planning to develop Rahmat fields with investments of $1.8m to produce 200 million cubic feet of gas per day and 30,000 barrels of condensates by 2021.
The plan also includes the development of Satys field with investments of $2.2bn to produce 130 million cubic feet of gas per day, and 18,000 barrels of crude oil and condensates by the end of 2019.
The ministry also plans to link 230 million cubic feet per day to next year’s production of the fields of Tanin, Merit, Aten, Tarsa, and Salmon, with investments of $1.620bn.
The oil sector completed the implementation of 21 projects to develop gas fields with investments of $7.4bn, which contributed to the production of 3.1 billion cubic feet of gas and about 21,100 barrels per day of condensates.
The projects contribute to the growth of natural gas production by 50% in 2018, and increasing the production of Egyptian natural gas between 5.1 and 5.3 billion cubic feet per day, according to the Ministry of Petroleum.
(Source: Daily News Egypt)