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Elham AbolFateh

Egypt

Egypt to buy foreign partner’s share in “Zohr” to meet market’s needs

Monday 18/December/2017 - 02:16 PM
Sada El Balad
Hassanein Tayea
Minister of Petroleum and Mineral Resources Tarik Al-Molla said that Egypt would allow the foreign partner in gas projects to export its share of gas production. He pointed out that there is an item in the agreement’s contract that allows us to do so if we do not need it".

During the first session of “Al-Ahram Conference”، Al-Molla said that Egypt would continue to buy the foreign partner's share of Zohr gas field to meet the domestic needs of gas.

The Petroleum Minister added that Egypt may also move to export gas in the future، after the start of production of all gas projects and discoveries، headed by "Zohr"، "BP" Northern of Alexandria، "Nooros"، "Doku" and "Atoll" fields.
Egypt’s Eni SpA-operated Zohr natural gas field has started production، bringing the country closer to its goal of energy self-sufficiency.

Gas from the Mediterranean’s largest offshore field is pumped to a facility in Port Said city، to be prepared for delivery to the national distribution network، with initial production of 350 million cubic feet per day، oil minister Tarek El-Molla said in a statement Saturday. Daily output is set to rise to about 1 billion cubic feet in June and 2.7 billion by the end of 2019، he said.
"One of the biggest issues Egypt had over the past years was the big shift in its energy balance from a net exporter to a net importer because of an increase in consumption versus a decline in production،" said Mohamed Abu Basha، Cairo-based economist at investment bank EFG-Hermes. "With the new gas finds، it’s returning to this balance، if not exporting، then at least there’s no deficit."

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