Egypt made two natural-gas discoveries in the Nile River Delta and Mediterranean Sea, boosting its reserves by 194 billion cubic feet of gas and 2 million barrels of condensates, the Oil Ministry said.
Egypt holds Africa’s third-largest gas reserves, with 78 trillion cubic feet (2.19 trillion cubic meters), according to the latest data compiled by Bloomberg. The two new finds represent a 0.2 increase to this total. Condensate is a high- value light crude oil.
In addition, production started separately at four gas fields that were already under development, with output averaging 80 million cubic feet a day, the Cairo-based ministry said today in a faxed statement.
The North African country currently produces about 6 billion cubic feet of gas and about 10.4 million barrels of condensates daily. Domestic gas consumption in the most recent quarter of April, May and June was 429 billion cubic feet, according to the ministry.
Source: Bloomberg
