Egypt strongly attracts foreign investment in the gas sector

The Vietnam News Agency correspondent in Cairo quoted Minister Molla at the shareholder meeting of the Egyptian Natural Gas Corporation (EGAS) as saying that due to the belief in Egypt’s foreign investment attraction environment, the Foreign companies have decided to expand many activities of exploration, development and exploitation of gas fields in the country. Also according to Minister Molla, Egypt needs to expand the provision of natural gas services nationwide.

Currently, Egypt’s gas export revenue has increased eight times since 2014. The “pyramid” country aims to become a major gas supplier to Europe, especially after this happens. The conflict between Russia and Ukraine caused the prices of many energy commodities to rise while supplies were scarce.

Earlier this month, Egypt announced that it had exported 60 percent of its total natural gas output to Europe for the first time, thanks largely to strong exports from the Damietta plant, a top LNG exporter. of Egypt. Since resuming operations in 2021, the plant has exported 7.2 million tons of LNG, of which 4 million tons will be exported in 2022, a record in the plant’s nearly 20-year history. With these achievements, Damietta has been contributing to strengthening Egypt’s role as an energy hub in the Mediterranean region.

Besides Damietta, Egypt also has many other large gas companies such as EGAS. EGAS aims to drill 16 exploration wells, sign 10 new agreements and carry out eight development projects in addition to completing the expansion of natural gas infrastructure in the Egyptian market.

Recently, Egypt also announced the discovery of important gas fields in the concession area off Nargis in the Eastern Mediterranean, near the city of Al-Arish in the North Sinai province.