Natural gas provides 85% of energy used in power generating

About 50 world companies invest $ 2 billion a year in Egypt whether in prospecting for oil or natural gas, said Sameh Fahmi the Minister of Petroleum

Who was speaking in Alexandria at the opening of the 7th International Oil Conference for Mediterranean Basin Countries, attended by 1,500 petroleum and natural gas experts from around the whole world.

The minister said the future prospects for oil and natural gas in the Basin were bright, noting that the conference was a good chance for exchanging expertise and information. He said that the natural gas provides 85% of energy used in power generating.

Fahmi noted that the petroleum sector in Egypt has adopted a clear policy to increase the country's oil and natural gas reserves to support long-term development plans, and to provide revenue for the national economy.

He said that several successful projects in the Eastern Desert and the Mediterranean now produce 1.5 meters of gas a year.