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Priority to Domestic Consumption & Reduce Gas Exports

Source: Al-Ahram 12/15/2010, Location: Africa

To meet the growing demand for butane gas, it was decided the completion of delivery of natural gas to all residential units in all provinces during the seven years, giving the highest priority to meet the needs of the local market than in the various sectors.

Sameh Fahmi, Minister of Petroleum, said: "It is in response to growing domestic demand, exports of natural gas from Egypt fell during the past year to 29% of the total production, this figure fell to 26% during the first quarter of this year. The minister expected an increase in the rate of production of oil and gas during the next few years after the approval of several giant foreign companies to invest $ 23 billion in new areas of research and exploration, especially in deep water in front of the Egyptian coast of the Mediterranean Sea. The minister emphasized that the past ten years have witnessed the achievement of 490 new discoveries in the fields of petroleum and natural gas through a 183 agreement with international companies. And said: "These agreements provided to Egypt, about 33.4 billion dollars thanks to modifing the item pricing gas product, in collaboration with the foreign partner.

He pointed out that this amendment provided for Egypt $ 7.5 billion over the last year only, while this avoid Egypt the risk of rise in world oil prices in general. The minister asked the Egyptian oil companies offering shares of its shares in the capital market and the possibility of selling bonds to provide funding for their activities.

He said: Several Egyptian companies have won contracts to work abroad included 14 countries, with an estimated value of projects implemented by these companies more than $ 5.1 billion.

The minister described the gas line in Upper Egypt that extends a successful strategic projects of Egypt, stressed that he encouraged foreign companies to search for oil in Upper Egypt governorates, and the result was promising.

The minister revealed this positive indicators during a symposium held yesterday under the title of the first oil and gas between a bright future and the challenges of the time. It was held in the framework of Egypt's International Economic Forum, chaired by businessman Mohammed Shafiq Gabr.

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