CAIRO: Egyptian natural gas exports amounted to 1.9 trillion cubic feet (or 40 million tons) during fiscal year 2005-6, according to the Egyptian Holding Company for Natural Gases, EGAS.
Chairman of EGAS, Sherif Ismail, said exploration of natural gas hit 5 trillion cubic feet a year over the past six years with strong expectations of an upsurge in explorations following the new agreements with international partners.
Egypt’s gas contracts with France account for about 10 per cent of France’s total needs of gas and contracts with Spain cover about 6 per cent of power generation consumption.
Ismail said his company plans to sell about 43.5 million tons of gas in fiscal 2006-7, in addition to 540,000 tons of propane, 1.4 million tons of butane gas, and 41 million barrels of condensates.
“The company’s several agreements with international groups recently will enhance its ability to achieve this target, he added.
EGAS and other partners plan to dig up 48 exploratory wells in 2006-7 with a total cost of $765 million. The company’s chairman said that Egyptian natural gas exports have encouraged international energy companies to increase exploration and development efforts in Egypt, boosting reserve levels.