Al-Ahram: Egyptian gas reserves enough for 60 years

The Egyptian daily al-Ahram yesterday quoted the Egyptian minister of oil Sameh Fahmi as saying that the gas reserves in Egypt is enough for local consumption and exports for 60 years while oil reserves are enough for a period of 14 years.

Fahmi added that natural gas reserve jumped from 36 trillion cubic meters to 58.5 trillion cubic meters which makes it enough for 60 years for both consumption and exportation.

He continued that oil reserves will be enough for 14 years.

Fahmi explained that local consumption volume of oil and gas consumption is 41.5 million tons annually at a value of 25 billion Egyptian pounds ( USD 5.4 billion).

Egypt is currently producing 19 billion cubic meters of natural gas allotted for local consumption. Fahmi said that his ministry received 36 new requests from foreign companies from 22 countries for oil excavation in 21 areas in Egypt.

He concluded that investments of foreign companies in the sector of oil and gas exploration reached USD 5.3 billion during the last three years.