Egypt targets gas expansion
The Egyptian government is set to roll out three international tenders for gas exploration as part of its strategy to focus on that sector. Minister of Petroleum and Mineral Resources Tareq el Mulla said production of natural gas would reach about 8bn cubic feet per day in the 2019/2020 scal year. He said Egypt aimed to attract investments of $10bn in the petroleum sector during the current year. According to reports, it aims to launch three international oil and gas exploration tenders in 2019. Ganoub El Wadi Petroleum has announced an international tender for oil and gas explora- tion in 10 sectors in the Red Sea. The other two are expected to be a tender for natural gas in the Mediterranean run by the Egyptian Natural Gas Holding Co and the other o ered by the Egyptian General Petroleum Corp in the Western and Eastern Deserts and the Gulf of Suez. Egypt’s reserves were 3.3bn barrels of oil and 62.8trn cubic feet of natural gas at the end of 2017. Egypt’s gas sector has enjoyed a revival since the discovery of the Zohr gas eld in 2015. By the end of 2020 output is forecast to be double the 2016 level.