A study prepared by the Egyptian Observatory of the Egyptian Center for Thought and Strategic Studies stated that Egypt possesses 63 trillion cubic feet of proven natural gas reserves starting from January 2021, and Egypt’s production of natural gas has increased significantly as a result of the large discoveries of natural gas.
The increase in Egypt’s production of natural gas was boosted by the offshore discoveries that were made in the past decade in the Mediterranean, and the bidding activities in exploration and production projects witnessed a significant improvement that led to the signing of various agreements with international oil companies for gas exploration and development projects..
The study pointed out that in 2018, Egypt was able to achieve self-sufficiency in natural gas with an increase in its production rate to 6.3 billion cubic feet of gas per day, an increase of more than 30% since 2016, making Egypt one of the largest producers in North Africa and the Middle East. . This led to Cairo’s simultaneous progress in the development of renewable energy resources, whereby natural gas and renewable energy sources together created a marketable surplus of electricity, which is set to grow significantly in the near future as additional renewable energy and nuclear power projects begin in Egypt.
And the value of Egypt’s exports of natural and liquefied gas during the first four months of the current year 2022 recorded an increase of 98% compared to the same period last year to reach $3.892 billion, and the value of Egypt’s exports of natural gas rose from $456 million during the year 2020 to reach 3.959 billion The dollar in 2021, to achieve a rise of 768.2%. There are expectations that Egypt’s exports of natural and liquefied gas will rise to 7.5 million tons by the end of this year, thanks to the high levels of domestic production and the expansion of natural gas exports to Europe..
