Jun 07 2005 |
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Egypt's Gas Exports to Reach 20 Billion Cubic Meters by 2006
Cairo (APD) - Sameh Fahmy, Egypt's oil minister, said that Egypt will export 20 billion cubic meters a year of natural gas by the year 2006 from the country's three gas mega projects, al-Ahram daily reported Tuesday.Egypt has exported last January its first Liquefied Natural Gas (LNG) shipment to Spain with 58,000 tons of LNG from its first natural gas liquefaction plant in the Mediterranean city of Damietta, which is owned by the Spanish Egyptian Gas Company (Segas) . The plant's LNG train is designed to process almost 7.6 billion cubic meters a year of natural gas.
Union Fenosa Gas, a joint venture between Spain's Union Fenosa and Italy's ENI, owns 80% of SEGAS . State-owned companies Egyptian General Petroleum Corporation (EGPC), and Egyptian Natural Gas Holding Company (EGAS) jointly owns the remaining 20% stake in SEGAS .
Egypt's another gas export project is the Idku LNG plant, whose stakeholders include Malaysia's Petronas, British Gas, Egyptian General Petroleum Corporation, Egyptian Natural Gas Holding Company, and Gaz de France.
Moreover, Egypt's gas exports would be reaching north Jordan by the end of 2005 when the second stage of the Arab Gas Pipeline is completed.
The minister added that the country's targeted production of oil, gas and condensates would reach 100 million tons a year by the year 2010. Out of the total production, 45 million tons would be targeted for exports.
Fahmy said in mid-May that Egypt plans to add 30 trillion cubic feet to the country's gas reserves with investments worth more than $10 billion during the next five years. He added that international oil companies confirmed that Egypt still has undiscovered gas reserves of 100 trillion cubic feet (tcf).
Egypt's gas reserves increased 7 trillion cubic feet (tcf) to reach 67 trillion cubic feet (tcf) by last April. Revenues from oil exports are Egypt's major foreign currency earners along with revenues from Suez Canal, tourism and remittances from Egyptian aboard. [FC]
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