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Reading: Petroleum ministry to add 80m cubic feet of gas to production daily throughout December
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Dailynewsegypt > Blog > Business > Petroleum ministry to add 80m cubic feet of gas to production daily throughout December
Business

Petroleum ministry to add 80m cubic feet of gas to production daily throughout December

Mohamed Adel
Last updated: 2014/12/03 at 4:08 PM
By Mohamed Adel 2 Min Read
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Number of factories owners decided to cease operations until a recent decision to increase the price of mazut and natural gas was rescinded. (AFP Photo)
Approximately 80m cubic feet of gas will be added to production daily during the month of December (AFP Photo)
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Number of factories owners decided to cease operations until a recent decision to increase the price of mazut and natural gas was rescinded. (AFP Photo)
Approximately 80m cubic feet of gas will be added to production daily during the month of December
(AFP Photo)

Approximately 80m cubic feet of gas will be added to production daily during the month of December, according to a senior official at gas holding company EGAS.

In statements made to Al-Borsa newspaper, the official said that two wells owned by Petrobel will be connected this month, with each well producing 40m cubic feet of gas daily.

He explained that Egypt’s natural gas production rates are declining at a natural rate of 100m cubic feet monthly.

On a related note, the official explained that 520m cubic feet of gas will be supplied daily to fertiliser and cement factories, representing 60% of their total actual needs of gas, which amount to 920m cubic feet.

He said that gas supplies sent to factories were increased at a rate of 30% of their needs due to the decrease in power station consumption rates from 95m cubic metres per day to 80m cubic metres at present.

The official said that Egypt is facing a severe shortage in natural gas production in light of a slow-down of development and research operations by foreign partners. This has led to a failure to connect new wells to production to make up for the decrease, and for this reason, the government has taken action to begin importing gas shipments in March 2015.

 

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TAGGED: Daily News, Daily News Egypt, DNE, EGAS, Gas, Ministry of Petroleum, Oil, Petrobel, shortage
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HDB targets 25% growth in profits, various activities by 2023-end: CEO
HDB targets 25% growth in profits, various activities by 2023-end: CEO
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Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
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146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
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Al Ahly Pharos tops brokerage ranking in May
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